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JAMB Economics 2007 Question 4

Question 4

Economic Systems

The choice of what to produce in a command economy is determined by

  1. A.industrial establishments
  2. B.labour unions
  3. C.the government and labour unions
  4. D.the central government
Show the answer and explanation

Answer: D (the central government)

Explanation

In a command (planned) economy the central government owns the resources and decides what, how and for whom to produce.