BPSC (Bihar) Exam > BPSC (Bihar) Questions > Consider the following statements:Statement-...
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Consider the following statements:
Statement-I:
Market Economy emerged as the first formal economic system post traditional economies.
Statement-II:
Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.
Which one of the following is correct in respect of the above statements?
Market Economy emerged as the first formal economic system post traditional economies.
Statement-II:
Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.
Which one of the following is correct in respect of the above statements?
- a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
- b)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
- c)Statement-I is correct, but Statement-II is incorrect
- d)Statement-I is incorrect, but Statement-II is correct
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements:Statement-I:Market Economy emerged ...
Statement-I correctly identifies the emergence of Market Economy as the first formal economic system post traditional economies, tracing back to Adam Smith's work in 1776. Statement-II correctly links Non-Market Economy to Karl Marx's ideas, highlighting the socialist and communist variants of this economic system. The socialist model controlled natural resources, while the communist model controlled labor and resources, aligning with Marx's ideologies. Hence, both statements are accurate, and Statement-II effectively provides additional context that complements Statement-I.
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Consider the following statements:Statement-I:Market Economy emerged ...
Explanation:
Statement-I:
- Market Economy emerged as the first formal economic system post traditional economies.
- Market economy is an economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
- It emerged as a formal economic system after traditional economies, where economic activities were based on customs, traditions, and barter systems.
Statement-II:
- Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.
- Non-market economy refers to economic systems where the government or central authority makes decisions about the production and distribution of goods and services.
- This concept is indeed rooted in Karl Marx's ideas, who advocated for the abolition of private property and the establishment of a classless society.
- Socialist and communist variants of non-market economies have been implemented in various countries based on Marx's theories.
Therefore, both Statement-I and Statement-II are correct, and Statement-II explains Statement-I by providing a different perspective on economic systems and their origins.
Statement-I:
- Market Economy emerged as the first formal economic system post traditional economies.
- Market economy is an economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
- It emerged as a formal economic system after traditional economies, where economic activities were based on customs, traditions, and barter systems.
Statement-II:
- Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.
- Non-market economy refers to economic systems where the government or central authority makes decisions about the production and distribution of goods and services.
- This concept is indeed rooted in Karl Marx's ideas, who advocated for the abolition of private property and the establishment of a classless society.
- Socialist and communist variants of non-market economies have been implemented in various countries based on Marx's theories.
Therefore, both Statement-I and Statement-II are correct, and Statement-II explains Statement-I by providing a different perspective on economic systems and their origins.
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Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer?
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Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer?.
Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Statement-I:Market Economy emerged as the first formal economic system post traditional economies.Statement-II:Non-Market Economy is rooted in Karl Marx's ideas and had socialist and communist variants.Which one of the following is correct in respect of the above statements?a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic)Statement-I is correct, but Statement-II is incorrectd)Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer?.
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