What is a centrally planned economy?
What will be an ideal response?
A centrally planned economy is an economy in which a government bureaucracy decides what products to produce, how to produce them, and who gets the products.
Economics
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If imports of Japanese automobiles are restricted, prices of U.S-made automobiles in the United States will be higher than they would otherwise be
Indicate whether the statement is true or false
Economics
Which of the following does not illustrate the idea of creative destruction?
A. Digital downloads have shrunk the market for CDs and DVDs B. Online retail sales have increased, while brick-&-mortar sales have slowed down C. The opening of a new mall reduces the traffic in another mall D. A firm has to destroy some of the expired products in its inventory
Economics