Economies Around the World

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Questions and Answers

Which type of economy is characterized by private ownership and control over means of production?

  • Socialist economy
  • Capitalist economy (correct)
  • Mixed economy
  • Command economy

What is the main difference between a capitalist economy and a socialist economy?

  • Degree of individual freedom
  • Control over resources
  • Ownership of means of production (correct)
  • Profit motive

What is the basis for differentiating economic systems according to the text?

  • Profit motive
  • Collective welfare
  • Degree of individual freedom
  • Ownership and control over means of production (correct)

Which type of economy is characterized by collective ownership and control over means of production?

<p>Socialist economy (C)</p> Signup and view all the answers

Which type of economy is characterized by both private and public ownership and control over means of production?

<p>Mixed economy (C)</p> Signup and view all the answers

True or false: Capitalism is a political, social, and economic system in which property is owned and controlled for the collective welfare of the society as a whole?

<p>False (B)</p> Signup and view all the answers

True or false: In a capitalist economy, resources or means of production can be in private ownership with full individual freedom to use them for the profit motive?

<p>True (A)</p> Signup and view all the answers

True or false: The main characteristics of a capitalist economy will be discussed in detail later in the text?

<p>True (A)</p> Signup and view all the answers

True or false: A socialist economy is characterized by private ownership and control over means of production?

<p>False (B)</p> Signup and view all the answers

True or false: The basis for differentiating economic systems is the degree of individual freedom and profit motive?

<p>True (A)</p> Signup and view all the answers

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