ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following would reflect a country with a mixed economy?
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Prices and wages are solely regulated by a country’s government.
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A combination of privately-owned industry and government control.
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A country’s distribution of resources is based on traditions.
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Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
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Explanation:
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.
Detailed explanation-2: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-3: -A mixed economic system is a system that combines aspects of both capitalism and socialism.
Detailed explanation-4: -Production and sales of goods are determined by the government. Cuba and North Korea are some of the few countries with a command economy. In a mixed economic system, the private sector and public sector co-exist.
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