A mixed economic system is best described as an economy with a mix of
A) state and federal governments.
B) domestic and foreign firms.
C) free markets and government control.
D) for-profit organizations and not-for-profit organizations.
Answer: C
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The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called comparative advantage
Indicate whether the statement is true or false
The sum of past federal budget deficits is the:
a. GDP debt. b. trade debt plus GDP. c. national debt. d. Congressional debt.
The permanent income hypothesis is associated with
a. John M. Keynes b. James Duesenberry c. Franco Modigliani d. Adam Smith e. Milton Friedman
The assumptions of the Production Possibilities Frontier Model include:
a. Output is limited to just two broad classes of products: consumer goods and capital goods. b. The time period is any time period of any length. c. Society's knowledge changes each year. d. Rules of the game are allowed to change.