ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Prices and wages are solely regulated by the country’s government.
|
|
|
A combination of privately-owned businesses and government regulations.
|
|
|
The country’s distribution of resources is based on inheritance.
|
|
|
Economic decisions are based on customs and beliefs of ancestors.
|
Detailed explanation-1: -The Israeli economy may thus be characterized as a “mixed” economy, in which roughly three-fifths of the product originates in the private sector, one-fifth in the public sector, and the other fifth in the Histadrut sector.
Detailed explanation-2: -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-3: -For example, the United States is a mixed economy, as it leaves ownership of the means of production in mostly private hands but incorporates elements such as subsidies for agriculture, regulation on manufacturing, and partial or full public ownership of some industries like letter delivery and national defense.
Detailed explanation-4: -In a mixed economy, both public and private sectors own and produce goods and services. While private players participate in the production of goods and services, the government makes major decisions for the economy keeping social welfare in mind. This keeps a check on economic disparity.