It is said that freedom of private enterprise is the greatest in the free market economy. Which of the following assumptions is true in this context?
(i) Land, labour, and capital are integrated with the help from private enterprise.
(ii) Income is received in monetary form by the sale of services of the factors of production and from the profits of the private enterprise.
(iii) Members of the free-market economy have freedom of choice in so far as consumption, occupation, savings, and investments are concerned.
(iv) The free-market economy is not planned, controlled or regulated by the government.
(v) The free-market economy is prone to corrupt practices.

Which of the legislation do not from part of the legal environment of business in India?

A. The Drugs and Cosmetics Act, 1940

B. The prevention of Food Adulteration Act, 1954

C. The Monopolies and Restrictive Trade Practices Act, 1969

D. Both B and C

Consider the following statements. Which of these statements is/are true?

A. Socialism is compatible with democracy and liberty, whereas Communism involves creating an 'equal society' through an authoritarian state

B. Totalitarianism is a form of government which involves complete submission of people to the government. The State recognizes no limits to its authority and strives to control every aspect of public and private life wherever feasible

C. India differed from core socialism as it went for a mixed economy rather than complete government control

D. All of the above statements are true

"Repo Rate" refers to the rate at which

A. RBI borrows short-term money from the market

B. Banks keeps the money with RBI

C. Banks take money from RBI after offering some securities

D. Forex is purchased by RBI

Which of the following regional integration is similar to customs union but include the free movement of factors of production as well as trade?

A. Preferential Trade Area

B. Custom Unions

C. Economic Union

D. Common Market