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
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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