Question

This is an economic system where the government controls the major means of production but property and other businesses may be privately owned. Usa Test prep what is it?

Answer 1

Answer:

Sole ownership  or proprietorship.

Clarification:

A sole ownership, otherwise called the sole dealer, singular enterprise or ownership, is a sort of big business that is claimed and kept running by one individual and in which there is no legitimate qualification between the proprietor and the business substance.

Answer 2

Answer:

Mixed economy is the correct answer.

Explanation:

A mixed economy combines the features of both capitalism and socialism. It is also called as command economy. Some of the qualities of the command economy are; economic freedom and existence of privately owned industries and economic planning. Many of the countries including India and US have mixed economies. There are variety of  other freedoms in Mixed economy along with tax funded and subsidised services and infrastructure. Autonomy is also provided over personal finances.