ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -In practice, most countries of the world are mixed economies, although some are more market-oriented and others are more state-led.
Detailed explanation-2: -In a mixed economic system, free markets co-exist with government intervention, and private enterprises co-exist with public enterprises. The advantages of a mixed economy include efficient production and allocation of resources, as well as improvement of social welfare.
Detailed explanation-3: -In mixed economies, the government has some control, while the rest is up to supply and demand. Command economies are characterized by large surpluses and shortages, monopolies, and prices set by the government.
Detailed explanation-4: -Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making. However, government interference is expected to achieve social aims. It is, however, coexistence of capitalism and socialism.