Question : Mixed economy means
Option 1: promoting both agriculture and industries in the economy
Option 2: co-existence of public and private sectors
Option 3: co-existence of rich and poor
Option 4: co-existence of small and large industries
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Correct Answer: co-existence of public and private sectors
Solution : The correct answer is the co-existence of public and private sectors .
Adam Smith is called the father of mixed economy. The existence of both the public and private sectors within the parameters of economic planning qualifies the Indian economy as a mixed economy. It combines elements of socialist and capitalist values. There are three main categories of mixed economies: Those with a mix of public and private control, those under total governmental control, and those with only a limited amount of state influence.
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