A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

CA CPT Exam > CA CPT Questions > A centrally planned economy promotes ...a)Pri...

Join the Discussion on the App

A centrally planned economy promotes ...

a)
Private property, profit, and competition
b)
Government ownership, no competition, and no profit
c)
Government ownership, competition, and no profit
d)
Government ownership, profit, and no competition

Correct answer is option 'B'. Can you explain this answer?

FREE This question is part of

Test: Business Organisation - 2

Attempt Test

Attempt this Test

View all answers Start learning for free

< Previous Question Next Question >

Explore Courses for CA CPT exam

Similar CA CPT Doubts

The term that indicates ownership, either by individuals or by a business, is ...

View answer

Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

View answer

Group behaviour from which market belongs :– (

View answer

What is the difference between monopoly and monopolistic competition?

View answer

What is difference between shut down point and break even point in theory of supply in perfect competition?

View answer

Top Courses for CA CPTView all

Quantitative Aptitude for CA Foundation

Principles and Practice of Accounting

Business Laws for CA Foundation

Business Economics for CA Foundation

Mock Tests & Past Year Papers for CA Foundation

Top Courses for CA CPT

View all

A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer?

Share with a Friend

Answer this doubt

Question Description
A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer?.

Solutions for A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA CPT. Download more important topics, notes, lectures and mock test series for CA CPT Exam by signing up for free.

Here you can find the meaning of A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice A centrally planned economy promotes ...a)Private property, profit, and competitionb)Government ownership, no competition, and no profitc)Government ownership, competition, and no profitd)Government ownership, profit, and no competitionCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA CPT tests.

Explore Courses for CA CPT exam