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JAMB Economics 1999 Question 8

Question 8

Economic Systems

In a planned economy, what shall be produced is determined primarily by

  1. A.what the consumer wants
  2. B.government decisions
  3. C.price mechanism
  4. D.the pattern of consumer spending.
Show the answer and explanation

Answer: B (government decisions)

Explanation

In a planned (command) economy, a central planning authority of the government decides what to produce.