ECONOMICS
ECONOMIC SYSTEMS
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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: -Technically, almost every country can be considered a mixed economy, since it is difficult for a country to sustain economic activity without some degree of government intervention or market activity. Even North Korea allows a limited number of private markets.
Detailed explanation-2: -Mixed Economy Definition. The mixed economy definition is an economy where both the private market and the government control the factors of production. It is the most common form of economy that exists in the world today.
Detailed explanation-3: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-4: -Most modern economies implement a mixed economic system. A mixed economic system brings the advantages of free markets and also government intervention.
Detailed explanation-5: -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.