JAMB Economics 2004 Question 41

Question 41

Economic Systems

A major characteristic of a mixed economy is that

  1. A.economic decisions are made by both the rich and the poor
  2. B.both primary and secondary production are undertaken
  3. C.the federal and the state governments undertake joint projects
  4. D.economic activities are undertaken by both the public and private sectors
Show the answer and explanation

Answer: D (economic activities are undertaken by both the public and private sectors)

Explanation

In a mixed economy both government (public sector) and private individuals and firms own resources and carry out economic activities.