In a mixed economy, the ownership and management of which of the following means of production are in the hands of government and private individuals?

Land, labour, and capital

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Land and labour

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Labour and capital

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Land and capital

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Solution

The correct option is A Land, labour, and capital
The ownership and management of the means of production, land, labour, and capital determine the type of economic system. The means of production are owned and managed by private players in a capitalist economy, by the government in a socialist economy, and by both private players and the government in a mixed economy.

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Q25. Which of the following statements are correct?

1. A mixed economy refers to market economy with strong regulatory oversight and governmental provision of public goods.

2. A socialist economic system is characterized by social ownership and democratic control of the means of production.

3. Capitalism is an economic system in which capital goods are owned by private individuals.

4. Marxian economics provided a foundation for capitalism.

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