ECONOMICS (CBSE/UGC NET)

ECONOMICS

PRODUCTIVITY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following countries’ economies has the fewest elements of a command economy and the most elements of a market economy?

A	Sweden
B	France
C	Germany
D	the United States

Explanation:

Detailed explanation-1: -Sweden has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation.

Detailed explanation-2: -Sweden is a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. There is also a strong welfare state, with public-sector spending accounting up to three-fifths of GDP.

Detailed explanation-3: -Worldwide gross domestic product in 2021 was at about 12, 230 USD per capita. GDP in Sweden, on the other hand, reached USD 61, 029 per capita, or 635.66 billion USD for the whole country. Sweden is therefore currently ranked 22 of the major economies.

Detailed explanation-4: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.

There is 1 question to complete.