In a command economy, the central government alone decide the production and consumption of goods and services

Question

Anthony Evans

Social Studies

11 August, 17:38

In a command economy, the central government alone decide the production and consumption of goods and services

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Jaydan Stout · Answer 1

This statement is true. A command economy, also known as centrally planned economy, is an economic system in which the central government makes all the decisions on the production and consumption of goods and services. In other words, it is an economic system in which decisions on both production and consumption of goods and services are based on voluntary exchange in markets.