COLD WAR ERA
IMPACT OF COLD WAR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply and demand determines what is produced
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Most economic decisions are made by the government
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The means of production are controlled by labor unions
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The economy is mainly agricultural
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Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.
Detailed explanation-2: -Which statement best describes a command economy? The government determines economic choices and makes most decisions.
Detailed explanation-3: -A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.
Detailed explanation-4: -A command economy is a system where the government has total control over the economy it reigns over. Characteristics of this economy include governmental control of wages and pricing, limited property rights, government ownership of key businesses and industries, and robust black markets.
Detailed explanation-5: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.