In a Command Economy, Resources Are Publicly Owned by Government

question 92

True/False

In a command economy, resources are publicly owned by government and economic activity is coordinated through a central government planning authority.

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Definitions:

Economic Crisis

A situation where a country's economy experiences a sudden downturn characterized by financial instability, high unemployment rates, and decreasing GDP.

John Maynard Keynes

A British economist whose theories on government intervention in the economy and demand-side economics profoundly impacted economic policies in the mid-20th century.

Economic Depressions

Extended periods of significant decline in economic activity across the economy, marked by high unemployment, low manufacturing output, and reduced trade and commerce.

Business Cycle

Refers to the fluctuating levels of economic activity over time, including periods of expansion, peak, recession, and recovery.