Which Scenario Is Part of a Planned Economy

question 240

Multiple Choice

Which scenario is part of a planned economy?

• A) Private individuals and firms own most resources.
• B) Product prices are primarily determined by the interaction of supply and demand.
• C) Most of the productive resources are owned by the state.
• D) Consumers are free to decide what goods and services to purchase.

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Definitions:

Autonomy

The capacity of individuals to make informed, uncoerced decisions about their own lives and actions.

Duty

A moral or legal obligation to perform or refrain from performing some action, often derived from one's role, position, or circumstances.

Happiness

A state of well-being and contentment, often considered as an aim in life and a factor in evaluating the quality of life.

Utilitarianism

An ethical theory that posits the best action is the one that maximizes utility, typically defined as maximizing happiness and reducing suffering.