ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are more mixed economies in the world than any other kind.
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Very few economies today can be accurately described as “mixed.”
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Mixed economies exist mostly in nations with communist governments.
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Most nations that once had a mixed economy have evolved into command economies.
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Detailed explanation-1: -Which of the following is a correct statement about a mixed economy? In a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources.
Detailed explanation-2: -Despite those philosophical and moral objections, almost all modern economic systems in the world today are mixed economies. While the globalization of the world economy limits government intervention in free trade, governments still retain mechanisms for social welfare exceptions to the free market rule.
Detailed explanation-3: -More economic systems are geared toward offering producers and consumers the freedom to make economic choices, so mixed market economies are more common in the world today.
Detailed explanation-4: -In practice, most countries of the world are mixed economies, although some are more market-oriented and others are more state-led.