Central Planning Is a Key Characteristic of Which Economic System

question 32

Multiple Choice

Central planning is a key characteristic of which economic system?

• A) Free market
• B) Price system
• C) Command and control
• D) Mixed economic system

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Definitions:

Bailment

The legal relationship where physical possession of personal property is transferred from one person (the bailor) to another (the bailee) who subsequently has possession of the property under a contract.

Automobile

A vehicle on wheels designed for transport, commonly propelled by an internal combustion engine or an electric motor.

Proprietor

An individual who owns and runs a business, possessing exclusive legal rights and responsibilities regarding its operations.

Absolute Liability

A legal principle where a party is held responsible for damages or loss, irrespective of intent or negligence.