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- Basic of Economicseconomics-mcqs › basic-of-economics
- Published
- 26 May 2019
- Last updated
- 28 May 2026
Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
Multiple choice question for Basic of Economics. Select an option, then review the explanation below.
Explanation
The slogan "From each according to his ability, to each according to his needs" is a core principle of the Communist System, emphasizing distribution based on individual capability and need. The Feudal, Capitalist, and Fascist systems do not adopt this principle.
More Basic of Economics MCQs
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- 1.Which of the following best describes deflation?
- 2.Under what condition can two nations benefit from engaging in international trade?
- 3.Which of the following represents a legitimate form of currency?
- 4.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?
- 5.What is the standard abbreviation used to denote barrels when measuring oil?