GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All economic decisions are taken by the central authority.
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All economic decisions are taken by private entrepreneurs.
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Economic decisions are partly taken by the state and partly by the private entrepreneurs.
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None of the above.
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Detailed explanation-1: -Economic decisions are partly taken by the state and partly by the private entrepreneurs in a mixed economy. in a mixed economy there is a coexistence of public and private sector in order to ensure a smooth functioning of the economy. India is a type of mixed economy.
Detailed explanation-2: -The government has control over a command or planned economy. In mixed economies, the government has some control, while the rest is up to supply and demand.
Detailed explanation-3: -In a mixed economy, resource allocation is determined by a combination of market forces and government intervention. Private individuals and businesses make decisions based on supply and demand, while the government regulates certain industries and may redistribute resources to achieve social and economic goals.
Detailed explanation-4: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
Detailed explanation-5: -Which of the following is a correct statement about a mixed economy? In a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources.