The principle feature of a command-based economic system.

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Chapter 19, Problem 14SQ

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The principle feature of a command-based economic system.

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QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.

1. In a command system a) self-interest motivates and commands each business firm's decisions and actions. b) the head of each family decides and commands what to do with the family's resources. c) a government-appointed planning board makes production and allocation decisions. d) market traders command what outputs are produced and how they are allocated.

Which of the following is most typical of a command economy? a. Consumers have choices of many substitutes for any given product. b. Quality of products and services tends to be consistent. c. The prices of goods and services frequently change. d. Many products are usually in short supply.