Which of these statements best describes a mixed economy?
A. In Israel, the government plays a smaller role in the economy allowing for tech start up companies to thrive.
B. In Iran and Saudi Arabia, oil companies are government owned and operated.
C. In remote parts of Southwest Asia, some people participate in an economy determined by custom and habit.
D. Turkey's economy was held back in the past by trade barriers in order to protect Turkish products.
B. In Iran and Saudi Arabia, oil companies are government owned and operated.
why that
I apologize for the confusion. Let's look at the statements again:
A. In Israel, the government plays a smaller role in the economy allowing for tech start up companies to thrive.
This statement describes a market economy, where the government has minimal interference in economic activities.
B. In Iran and Saudi Arabia, oil companies are government owned and operated.
This statement describes a mixed economy, where certain key industries, like oil companies in this case, are owned and operated by the government.
C. In remote parts of Southwest Asia, some people participate in an economy determined by custom and habit.
This statement describes a traditional economy, where economic decisions are based on customs, traditions, and habits.
D. Turkey's economy was held back in the past by trade barriers in order to protect Turkish products.
This statement describes a protectionist economy, where trade barriers are used to protect domestic industries.
The statement that best describes a mixed economy is:
B. In Iran and Saudi Arabia, oil companies are government owned and operated.