CA Foundation Exam  >  CA Foundation Questions  >  Which economy is now a myth only, as no count... Start Learning for Free
Which economy is now a myth only, as no country in the world is having that type of economy?
  • a)
    Capitalist Economy
  • b)
    Socialist Economy
  • c)
    Mixed Economy
  • d)
    None of the above
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which economy is now a myth only, as no country in the world is having...
Mythical Economy: Socialist Economy

Socialism is an economic system in which the means of production, distribution, and exchange are owned and controlled by the state or by the community as a whole. However, currently, there is no country in the world that completely practices socialism. While some countries may have socialist policies, they do not have an entirely socialist economy.

Reasons why Socialist Economy is a Myth:

1. The fall of the Soviet Union: The Soviet Union was seen as the epitome of a socialist economy. However, with the fall of the Soviet Union in 1991, the socialist economic model lost its credibility. The failure of the Soviet economy showed that a centrally planned economy could not compete with a market-based economy.

2. The rise of mixed economies: Most countries in the world today practice a mixed economy, which is a combination of socialist and capitalist economic systems. This means that while the government controls some aspects of the economy, there is also room for private enterprise. This has led to the decline of the socialist economic model.

3. Globalization: The rise of globalization has made it difficult for countries to practice a socialist economic system. With the increase in international trade, it is challenging for countries to control their economies entirely.

Conclusion:

In conclusion, the socialist economy is now a myth as no country in the world practices it entirely. While some countries may have socialist policies, they also have a market-based economy. The rise of mixed economies and the fall of the Soviet Union have contributed to the decline of the socialist economic model.
Free Test
Community Answer
Which economy is now a myth only, as no country in the world is having...
Because in this there is equitable distribution of wealth and income and there is planned economy balanced economic development economic stability
Explore Courses for CA Foundation exam
Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
Question Description
Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Which economy is now a myth only, as no country in the world is having that type of economy?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev