Centrally planned economy

who takes decision in centrally planned economy?

• household

• firms

• household and firms

• Government

Identify Which policy change was partly responsible for economic growth in China starting in the 1970s

• promoting new agricultural product

• giving farmers the chance to own land

• forcing factory workers to work on farms

• imposing more controls on Chinese farmers

What is one reason centrally planned economies tend not to be efficient?

• Factories produce too many types of goods.

• Decision making is too decentralized to be effective.

• Decision-makers do not have enough power.

• Workers lack the incentive to work harder.

Command economy is another name for:

• centrally planned economy

• market economy

• free market economy

• mixed economy

State officials ordered 1 million jackets is in :

• market economy

• free market economy

• centrally planned economy

• mixed economy

consumers demand more t-shirts is in:

• free market economy

• command economy

• centrally planned economy

• socialist economy