What is a command economy?
What will be an ideal response?
A command economy is one in which a central government either directly, or indirectly, sets output targets, incomes, and prices. It may even involve direct government ownership of the means of production and central planning of the economy.
Economics
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The production possibilities curve in Figure 2.1 illustrates the notion of
A) opportunity cost. B) increased factory goods production. C) diminishing resources. D) increased farm produce production.
Economics
As the real wage rate increases, the
A) quantity of labor supplied increases. B) supply of labor curve shifts rightward. C) supply of labor curve shifts leftward. D) quantity of labor supplied increases and the supply of labor shifts rightward.
Economics