HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A miture of command and market econommies
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Most countries are pure market economies
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Most countries are pure command economies
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A mixture of traditional and market economies
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Detailed explanation-1: -In practice, most countries of the world are mixed economies, although some are more market-oriented and others are more state-led.
Detailed explanation-2: -Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-3: -In a mixed economy, the market is neither completely free nor fully controlled by the state. 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-4: -A mixed economy is a blend of market and command economies. In a mixed economy some parts or sectors of the economy are left to private ownership (market) while in other sectors there is substantial government ownership or government-directed production (command).
Detailed explanation-5: -What should we produce? How should we produce it? For whom should we produce it?