Country X is a democratic country in West Africa. The economy of the country is mostly dependent on timber and oil exports. One state-owned company controls all production and sales aspects of the country's natural resource industries. The government restricts who may start a business in the country, and heavily taxes the businesses that do exist. Despite the restrictions, small restaurants, shops, and other businesses that do not compete with state-owned businesses thrive.
Which best describes the economy of Country X?
A.
pure market economy
B.
traditional economy
C.
mixed economy
1 answer
C. mixed economy
This is the best description of the economy of Country X, as it features both government control over key industries (the state-owned company controlling natural resources) and the presence of private businesses (small restaurants and shops) that operate despite the restrictions.
1 answer
2 answers
1 answer
1 answer