Question Details

Detailed explanation and options for the selected question.

What is the main feature of a free-market economy?

A. Government control over resources
B. Decentralized decision-making by individuals
C. High taxes to support welfare programs
D. Centralized planning of economic activities

Explanation:

In a free-market economy, individuals and businesses make decisions independently. Centralized planning and government control are features of other economic systems.

Related Topics

Social Impact Bonds and Innovative Financing

Revision Notes

Data Protection and Digital Economy

Revision Notes

Inflation and Price Stability

Revision Notes

Foreign Trade Agreements and India’s Export Competitiveness

Revision Notes

Environmental Economics and Sustainable Development

Revision Notes

Monetary Policy in India

Revision Notes

Farmer Producer Organizations (FPOs)

Revision Notes

Women’s Self-Help Groups (SHGs)

Revision Notes

Privatization and Disinvestment in India

Revision Notes

Research & Development and Innovation

Revision Notes