Order-based MCQ Quiz

Question 1 of 5

Arrange the following in the correct order, based on how India's economic system changed, as described in the chapter:
I. From 1991 onwards, India moved gradually towards a more market-oriented system
II. Private enterprise was encouraged, and the economy was opened to global trade and investment
III. Before 1991, India followed a state-led approach, similar to a planned economy
IV. By 1991, the country faced serious economic difficulties, and the government introduced major reforms

A III, IV, I and II B IV, III, I and II C III, I, IV and II D I, III, IV and II

Select one option. Answers are shown after the test.

Question 2 of 5

Arrange the following in the correct order, based on the Tata Motors news example in the chapter:
I. Tata Motors decides to raise electric car production by about 50 per cent
II. Petrol and diesel prices rise, pushing buyers towards electric cars
III. Bookings for Tata's electric cars grow to about 2 to 2.5 times in two months
IV. Output is planned to go from about 9,000-10,000 units a month to about 15,000 units a month

A II, III, I and IV B III, II, I and IV C II, I, III and IV D I, II, III and IV

Select one option. Answers are shown after the test.

Question 3 of 5

Arrange the following in the correct order, tracing how the word 'Economics' gets its meaning, as explained in the chapter:
I. Oikonomia is understood to mean household management
II. Nemein is identified as meaning management
III. The Greek word oikonomia is introduced as the origin of the word Economics
IV. Oikos is identified as meaning household

A III, IV, II and I B III, II, IV and I C I, III, IV and II D IV, II, III and I

Select one option. Answers are shown after the test.

Question 4 of 5

Arrange the following in the correct order, based on the chapter's Air India example of government action:
I. Air India was handed over to the Tata Group on 27 January 2022
II. Air India was run by the government and kept making losses
III. It is now run privately
IV. It lost about Rs 7,017 crore in 2020-21 alone

A II, IV, I and III B IV, II, I and III C II, I, IV and III D I, II, IV and III

Select one option. Answers are shown after the test.

Question 5 of 5

Arrange the following in the correct order of increasing scale, as the chapter frames the problem of choice, from an individual up to a government:
I. An enterprise choosing between more labour or more capital
II. A student choosing to spend or save pocket money
III. A government choosing to spend on highways or hospitals
IV. A school library allocating a few copies of a book among many students

A II, IV, I and III B IV, II, I and III C II, I, IV and III D I, II, IV and III

Select one option. Answers are shown after the test.

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