GK
INDIAN ECONOMY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
socialist
|
|
|
mixed
|
|
|
capitalist
|
|
|
both socialist and capitalist
|
Detailed explanation-1: -A mixed economy combines the characteristics of capitalism and socialism. Essentially, a country with this kind of economy comprises public and private sectors, wherein private enterprises aim for profit maximisation, while the Government sector works towards the welfare of the citizens.
Detailed explanation-2: -Under this system there is co-existence of public and private sectors. In public sector, industries like defence, power, energy, basic industries etc., are set up. On the other hand, in private sector all the consumer goods industries, agriculture, small-scale industries are developed.
Detailed explanation-3: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.