Question : A 'Market Economy' is one in which
Option 1: is controlled by the government
Option 2: is free from the government control
Option 3: is influenced by international market forces
Option 4: All of these
Correct Answer: is free from the government control
Solution : The correct answer is free from government control.
An economic system known as a market economy is one in which businesses and individual citizens of a nation collectively interact to determine economic policy and the cost of goods and services. Government involvement is minimal. It is a form of economic system in which supply and demand, rather than government intervention, control the economy. An economy with a truly free market is one in which every resource is privately owned.
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