Types of Economic System (Socialism, Mixed economy) - SS1 Economics Past Questions and Answers - page 1
1
Which economic system emphasizes private ownership and competition in the market?
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A
Socialism
B
Mixed economy
C
Capitalism
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2
In which economic system is the government's role in regulating the economy minimal?
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A
Socialism
B
Mixed economy
C
Capitalism
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3
In which economic system does the government control the means of production?
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A
Socialism
B
Mixed economy
C
Capitalism
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4
Which economic system aims to balance the benefits of both socialism and capitalism?
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A
Socialism
B
Mixed economy
C
Capitalism
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5
Define socialism in one sentence.
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6
What is the goal of a mixed economy?
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