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79) A market economy is one in which resources are primarily owned and controlled by individuals and companies.80) In a command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all planned by the government.81) The government considers itself a better judge of resource allocation than businesses or citizens in a market economy.82) In a mixed economy, all dimensions of economic activity, including pricing and production decisions, are determined by a central government plan.83) A mixed economy is a system where economic decisions are largely market driven and ownership is largely private, but the government intervenes in many private economic decisions.84) There is a positive correlation between economic freedom and economic growth.
85) The collapse of communism in the late 1980s and early 1990s led to a more widespread adoption of the principles of capitalism.86) In response to the global credit crisis, the United States government took actions that increased economic freedom.87) The BRICs are the strongest developed economies in the world. 88) Between 2000 and 2008, China's economy grew at a faster rate than Japan's economy.89) The Happy Planet Index measures well-being and perceptions of living conditions by assessing areas such as housing, incomes, security, and work-life balance. 90) In most cases, if the misery index of a country is high, then consumers and businesses are less likely to spend and invest. 91) What is gross national income? How is it calculated? Illustrate your answer with a specific example.