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A mixed economy bases its decisions on custom and historical dataGroup of answer choicesTrueFalse

Question

A mixed economy bases its decisions on custom and historical data

Group of answer choices

  • True
  • False
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Solution

The statement "A mixed economy bases its decisions on custom and historical data" is generally False.

In a mixed economy, economic decisions are made through a combination of market signals and government interventions, blending characteristics from both market economies and command economies. While historical data and customs may inform certain practices within a mixed economy, the primary decision-making processes are driven by supply and demand, consumer preferences, and regulatory frameworks.

Thus, while customs and historical data can influence some aspects of economic decision-making, they are not the foundational basis for all decisions in a mixed economy. Therefore, the correct response is False.

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