Briefly answer the following questions.

Consider the following statements.

a. In a Mixed economy there is only private ownership of means of production.

b. In a communist nation, the means of production are owned by the state

c. In a free-market economy there is minimum role of the government.

Which of the above three statements is/are true?

Answer the following:

a. Who is credited with bringing the term the ''invisible hand'' in economics? And what it means?

b. Why intermediate goods are not included to calculate the final output? Explain with an example

c. If we compare GDP and GNP, then, GNP= GDP+ net income from abroad explain true or false.

d. What policy options might be used by Government to lower unemployment? Reduce government spending or Increase interest rates or lower taxation and why?