Introduction to Economics — Important Questions

India, Sweden, United Kingdom

India, Sweden, and the UK have adopted mixed economy systems which involve co-existence of private and public sectors. China and Russia follow socialistic economies.

True

Globalization means building a world economy which is borderless, where natural resources, profit, services, capital, labor, and technology flow freely across countries.

Deciding what to produce and in what quantity, Minimizing production costs, Distribution of national income

The main functions include deciding production, minimizing costs, distributing income fairly, and planning for future needs. Maximizing only individual profits is not a main function.