Which statement best describes a command economy?
A. The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government.
B. The production and allocation of goods and services is determined primarily through markets.
C. The production and allocation of goods and services is determined primarily through government.
D. The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets.
Answer: C
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What is the difference between national income and personal income?
A. Personal taxes. B. National income includes income earned both in the United States and abroad, while personal income only includes that income earned within the borders of the United States. C. National income represents before-tax income, while personal income measures how much is available for spending after all taxes have been subtracted. D. National income represents income earned by American-owned resources, while personal income measures received income, whether earned or unearned.
Which of the following statements is false?
A. The recession of 2001 was mild. B. Output in the United States fell by about one-half between 1929 and 1933. C. The inflation rate declined during the Eisenhower and Reagan administrations. D. None of these statements are false