passwella.
Menu

JAMB Economics 2003 Question 8

Question 8

Economic Systems

In a planned economy, the emphasis is on

  1. A.public ownership and control
  2. B.prices and competition
  3. C.individual choices and decisions
  4. D.private ownership and control
Show the answer and explanation

Answer: A (public ownership and control)

Explanation

In a planned (command) economy the state owns and controls the means of production.