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WAEC Economics 2009 Question 8

Question 8

Economic Systems

An economic system where the central planning authority determines what goods to produce and in what quantity is known as a

  1. A.market economy
  2. B.socialist economy
  3. C.welfare economy
  4. D.traditional economy.
Show the answer and explanation

Answer: B (socialist economy)

Explanation

In a socialist (command) economy a central planning authority makes production decisions.