Question : The term 'Mixed Economy' refers to an economic system that combines elements of:
Option 1: Capitalism and socialism
Option 2: Socialism and communism
Option 3: Capitalism and feudalism
Option 4: Communism and feudalism
Correct Answer: Capitalism and socialism
Solution : The correct answer is (a) Capitalism and socialism.
A mixed economy is an economic system that combines elements of both capitalism and socialism. In a mixed economy, there is a blend of private ownership and control of resources (characteristic of capitalism) and government intervention and regulation (characteristic of socialism). The government plays a role in regulating industries, providing public goods and services, and implementing social welfare programs. This allows for a balance between market forces and government intervention, aiming to achieve both economic efficiency and social welfare.
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 : Freedom of choice is the advantage of
Question : Which of the following best describes the economic transition experienced by post-communist regimes?
Option 1: From capitalism to socialism
Option 2: From socialism to capitalism
Option 3: From feudalism to capitalism
Option 4: From capitalism to feudalism
Question : 'Hire' and 'Fire' is the policy of:
Option 1: capitalism
Option 2: socialism
Option 3: mixed economy
Option 4: traditional economy
Question : The consumer is compared to a king under _______.
Option 1: socialism
Option 2: mixed economy
Option 3: communism
Option 4: capitalism
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