Question

If you have right to own property and means of production, you are in a ___________.

• A. socialistic economy
• B. capitalistic economy
• C. mixed economy
• D. populist economy

Answer 1

The correct option is B capitalistic economy

If you have right to own property and means of production, you are in a Capitalistic Economy. Capitalism is the society system based on the individual’s right to own property and means of production. Consumers and producers make their choices based on the market forces of demand and supply in this economy. In this, the prices are determined by the free interaction of the forces of demand and supply.