ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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China
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United States
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both A and B
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Neither A nor b
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Detailed explanation-1: -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. Q. State a country which follows the mixed economic system.
Detailed explanation-2: -History. The People’s Republic of China was established in 1949. While initially founded as a socialist state with a centrally planned economy, it now has a mixed economy, described by its government as “Socialism with Chinese characteristics”.
Detailed explanation-3: -Germany has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Germany is a member of the European Union (EU).
Detailed explanation-4: -Japan is a country with a mixed economy and is in a relatively advanced stage of economic development.
Detailed explanation-5: -Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.