ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
United Kingdom
|
|
|
Germany
|
|
|
Russia
|
|
|
Cuba
|
Detailed explanation-1: -Singapore’s economy is considered the freest, followed by Switzerland and Ireland, according to the Heritage Foundation’s 2022 Index of Economic Freedom. The United States ranks just 25th on the list. Venezuela and North Korea ranked last in terms of economic freedom in 2022.
Detailed explanation-2: -command model are said to practice authoritar-ian socialism, those closest to the market model are said to practice capitalism. In an economy based on capitalism, individuals own the factors of production and answer the basic economic questions.
Detailed explanation-3: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
Detailed explanation-4: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.