In a capitalist system, the means of production are owned and controlled by

Here are the answers to the questions:

5. In a capitalist system, the means of production are owned and controlled by
A capitalist system is characterized by private ownership of the means of production (e.g., factories, land, resources) and their operation for profit.
The correct option is C. private individuals.

6. Mixed economy refers to a system in which the means of production are controlled by
A mixed economy combines elements of both capitalism and socialism. This means that both the private sector (private enterprises/individuals) and the public sector (governments) play a significant role in controlling the means of production.
The correct option is A. private enterprise and the governments.

7. An economic good is described as a good which
An economic good is any good or service that is scarce and therefore has a price. It must also provide utility (satisfaction) to consumers.

• A. yield utility and commands a price: This accurately defines an economic good. It provides satisfaction and is not freely available, hence it has a price.
• B. is useful and occupies a space: While often true, this doesn't capture the economic aspect of scarcity and price.
• C. is in high demand and transferable: High demand is not a universal characteristic, and transferability is a feature but not the primary definition.
• D. has unlimited supply: This describes a free good, not an economic good. Economic goods are characterized by limited supply.

The correct option is A. yield utility and commands a price.