ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mostly traditional with some government involvement
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Mostly market with little government involvement
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Mostly mixed with some government regulation of industry
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Mostly command with little private citizen involvement
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Detailed explanation-1: -Many countries in Western Europe are considered mixed economies because the government offers generous welfare programs and tight regulations on business activity.
Detailed explanation-2: -The Economy of Europe Europe, much like the United States, is a free market economy based on the movement of capital. The economy of Europe has a GDP (Gross Domestic Product) of around 20 trillion US dollars, and includes more than 700 million people in almost 50 different countries.
Detailed explanation-3: -A command economy is characterized by the most government control over the economy.
Detailed explanation-4: -In a mixed economy, the market is neither completely free nor fully controlled by the state. Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.
Detailed explanation-5: -Production and sales of goods are determined by the government. Cuba and North Korea are some of the few countries with a command economy. In a mixed economic system, the private sector and public sector co-exist.