Question : In a mixed economy
Option 1: all economic decisions are taken by the central authority.
Option 2: all economic decisions are taken by private entrepreneurs.
Option 3: economic decisions are partly taken by the state and partly by the private entrepreneurs.
Option 4: None of the above.
Correct Answer: economic decisions are partly taken by the state and partly by the private entrepreneurs.
Solution : The correct answer is (c) economic decisions are partly taken by the state and partly by the private entrepreneurs.
A mixed economy is an economic system that combines elements of both capitalism and socialism. In a mixed economy, some resources and businesses are privately owned while others are owned by the government, and both free markets and government intervention play a role in economic decision-making.
In a mixed economy, economic decisions are made by both the state and private entrepreneurs. The state may intervene in the economy to regulate certain industries, provide public goods, or redistribute income. Private entrepreneurs make decisions about what to produce, how to produce it, and who to sell it to.
Question : Which of these is not a characteristic of a free-enterprise economy?
Option 1: Decisions are based on the forces of demand and supply.
Option 2: Factor rewards are based on the productivity of factors of production.
Option 3: All economic decisions are taken by the economic planners.
Option 4: Economic decisions are regulated by the market.
Question : It is defined as making major economic decisions by the conscious decision of a determinate authority, on the basis of a comprehensive survey of the economy as a whole.
Option 1: Economic planning
Option 2: Mixed economy
Option 3: Socialist economy
Option 4: Capitalist economy
Question : The economic system in which all the means of production are owned and controlled by private individuals for profit.
Option 1: Socialism
Option 2: Capitalism
Option 3: Mixed economy
Option 4: Communism
Question : When means of production are owned, controlled and operated by Private sector.
Option 1: Capitalist economy
Option 2: Socialist economy
Option 4: All of the above.
Question : When means of production are owned, controlled and operated by both public and private sector.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile