Mixed Economy

What type of economy does Canada Have?

• Market

• Command

• Traditional

• Mixed

How is a mixed economy better than a market economy? Select all that apply.

• If market "fails", the government can put regulations in place

• consumers will have more information about the benefits of merit goods

• governments can finance the production of public goods

• people will realize the benefits of high taxes on demerit goods

In a market or mixed economy, profit is a motivation for people to work.

• True

• False

What is an advantage of a mixed economy?

• Citizens own the companies

• No freedom of choice

• Low government control

• High taxes

Most countries in the world today have a ​ (a)   economy.

• mixed

• command

• free market

• traditional

Where would a binding price ceiling need to be set in this market?

• $1500

• $1200

• $900

• $600

What is a mixed economy?

• An economy where only the government makes all decisions

• An economy where only private individuals make all decisions

• An economy that combines elements of both government and private sector involvement

• An economy that relies solely on traditional methods

Which of the following is a characteristic of a mixed economy?

• Complete government control over resources

• No government intervention at all

• A balance between private enterprise and government regulation

• Only traditional methods of production are used

In a mixed economy, who typically owns the means of production?

• Only the government

• Only private individuals

• Both private individuals and the government

• Neither, it's owned by foreign entities

Which of the following is an advantage of a mixed economy?

• No taxes

• Complete freedom from government intervention

• Flexibility in economic policies

• No private ownership