Question

Although small businesses were privately owned and operated in Evensplitia, many basic industries were owned and operated by the government. From this information, you would classify Evensplitia economic system:__________.

Answer 1

Answer:

Mixed Economy

Explanation:

Evensplitia is a mixed economy because it allows the existance of private businesses, which is characteristic of capitalism or market economy, but at the same time, many basic industries are under direct government control, a characteristic of socialism or planned economies.

Thus, Evensplitia as a country combines aspects from both market economies and planned economies, making it a mixed economy country.