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Multiple Choice Question

What type of economy is followed in India?

  • A
    Traditional Economy: Economic system based on goods, services, and work, all of which follow certain established trends.
  • B
    Command Economy: A dominant centralized authority – usually the government – that controls a significant portion of the economic structure.
  • C
    Market Economy: Economic system based on the concept of free markets.
  • D
    Mixed Economy: Economic system that combine the characteristics of the market and command economic systems.
Explanation:
A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.

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This question belongs to the set "General Awareness Quiz on Economics". Click below to read detailed notes and attempt the full quiz.

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