The basic economic questions under command economy.

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 2SQ

To determine

The basic economic questions under command economy.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

An economic system: a. must choose pure capitalism to adequately answer the three economic questions. b. must answer the three economic questions to the satisfaction of everyone in society. c. is a set of social institutions and mechanisms organized to answer society's three primary economic questions. d. can address problems of scarcity only by embracing the social institution of private property. e. must not allow some members of society to gain an unfair advantage when answering the three economic questions.

The three economic questions that every society must answer are OA. What are the prices of goods, how are they determined, and who will pay for them? OB. What economic system will be used, how will it be implemented, and who will make market decisions? OC. What goods will be produced, how will they be produced, and who will receive the goods? OD. What kind of government will the society have, how will it be run, and who will run it? Centrally planned economies allocate resources based on decisions by while market economies answer these questions through decisions made by

In a command economy, the government decides Select all that apply: which goods and services will be produced and the prices to be charged for them nothing about the economy each person's occupation based on tradition which methods of production will be used and how much workers will be paid