Answer:
False
Explanation:
The characteristic of a capitalist economy is private ownership of businesses and means of production. It depends on free market for income prices and distribution of goods. while a socialist economy is characterised by government intervention for allocating the resources among its populations, prices are determined by the government.
Most of the countries today are mixed economies in which features of both capitalist and socialist economies are utilised as pure free market economies are prone to slowdowns, such a slowdown started in October 1929 in US. After that US government started to intervene in economic activities to achieve social aims. Mixed economies maintain private ownership and control of the means of production under government regulation, some industries are also under government control to produce public goods.
<em>US is a mixed economy.</em>
Answer:
C. Its leaders valued intellect, loyalty to family, tradition, and honor, the primary principles of Confucianism.
<span>Colonies sought to reduce costs by concentrating on one cash crop rather than many. </span>
Answer:
Both the statements are correct about the concept of 'per capita income'. It means same even if it is calculated at the NDP, GNP and NNP levels. It is just an average and hardly says anythings about the real level incomes of the individuals.
