Country GG is an economy where the government controls some parts of the economic system. The government makes some decisions about production and distribution. Firms and consumers are also free to exchange money for goods and services – firms can profit by buying resources and using them to produce. Which type of economic system does Country GG have?

Question

BlackTom AI · Accepted Answer

Let's examine each option in relation to the description given for Country GG.

Option a: Market. This would imply a pure free-market system with minimal or no government intervention in production and distribution, and firms/consumers freely exchanging resources with limited government decisions. The prompt states the government controls some parts of production and distribution, so this option does not fully align with the described system.

Option b: Planned. A fully planned (or command) economy is one in which the government makes most or all production and distribution decisions, leaving little room for firm or consumer autonomy in exchange and resource use. Since the scenario notes that firms and consumers are free to exchange money for goods and services and can profit from using resources, there is clear economic activity outside of central planning, which makes this option inconsistent with the description.

Option c: Mixed. A mixed economy features a combination of government intervention and market mechanisms. The government controls some aspects of production and distribution, while firms and consumers engage in voluntary exchange and profit-seeking. This aligns well with the given information about Country GG.

Option d: Impossible. Given the described coexistence of government involvement and market freedom, the situation is plausible and common in many real-world economies, so labeling it as impossible would be factually inaccurate.

In summary, option c presents a hybrid arrangement where state involvement coexists with market-driven activity, which best matches the scenario described for Country GG. The other options describe more extreme or incompatible systems for the provided context.

MUF0061 Economics Unit 1 - Semester 2, 2025

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