Question

Which economic system has features of both capitalist and socialist economies, and is adopted by India ?

• A. Capitalist economy
• B. Socialist economy
• C. Mixed economy
• D. Traditional economy

Answer 1

Answer:

C. Mixed economy

MIXED ECONOMY 

• Mixed economy is the economy that has certain features of both the capitalist economy and socialist economy.

• India has adopted mixed economy.

• Let us analyze some of the features of a mixed economy.

• Existence of both private and public sectors.
  

• Economy works on the principle of planning.
  

• Importance to welfare activities.
  

• Existence of freedom of private ownership of wealth and economic control.