Advantages And Disadvantages of Socialism And Mixed Economy - SS1 Economics Past Questions & Answers - page 1

1

What is an advantage of socialism?

A

Increased consumer choice

 

B

Reduced economic inequality

C

Increased economic growth

 

CORRECT OPTION: b
2

What is a disadvantage of socialism?

A

Lack of government control

 

 

 

B

Reduced consumer choice

C

Increased economic competition

CORRECT OPTION: b
3

What is an advantage of mixed economy?

A

Increased government control

 

 

 

B

Reduced economic inequality

C

Increased economic competition

CORRECT OPTION: c
4

What is the disadvantage of a mixed economy?

A

Reduced consumer choice

 

 

 

B

Increased economic inequality

C

Reduced government control

CORRECT OPTION: b
5

What is the disadvantage of socialism?

A

Increased economic competition

 

B

Lack of incentive

C

Increased consumer choice

 

CORRECT OPTION: b
6

Why is conflict a disadvantage of a mixed economy?

 

 

Mixed economy can create conflict between the government and private companies over control of certain industries.

7

What is an advantage of a mixed economy?

 

 

Mixed economy can provide economic stability as it balances the benefits of both socialism and capitalism.

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