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WAEC Economics 2014 Question 3

Question 3

Economic Systems

In a centrally planned economy, what to produce is

  1. A.determined by the forces of demand and supply.
  2. B.driven by profit motive.
  3. C.determined by consumers.
  4. D.the responsibility of state's bureaucrats.
Show the answer and explanation

Answer: D (the responsibility of state's bureaucrats.)

Explanation

In a planned economy state officials (planners) decide what is produced.