ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Most consumers believe the government should have absolute control of the economy.
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Absolute government control allows for more consumer choice.
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Consumers are not concerned with product safety.
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Consumers need some government control to ensure product safety.
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Detailed explanation-1: -Why do most economies in the world today operate somewhere in between a market economy and a command economy? Most economies have found they need a mix of free market & some government control to be successful & protect consumers.
Detailed explanation-2: -The correct answer is option C (Mixed economy) All modern economies are mixed economies, with private and public sectors sharing production resources, also known as a dual economies.
Detailed explanation-3: -Most developed countries have mixed economic systems. Such a system has characteristics of both command and market economies.
Detailed explanation-4: -Key Takeaways In a command economy, governments own the factors of production and set prices and production schedules. In a market economy, prices are set by supply and demand. Most nations operate largely as a command or market economy but all include aspects of the other.