Which of the Following Economic Systems Is Characterized by Central

question 12

Multiple Choice

Which of the following economic systems is characterized by central government planning?

• A) a market economy
• B) a price system
• C) a command economy
• D) a feudal economy

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Definitions:

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.

Variance

A measure of the spread of a set of data points around their mean value, indicating how much the data varies.

Binomial Random Variable

A type of random variable that results from an experiment consisting of a fixed number of independent trials, each with two possible outcomes (success or failure).

Hypergeometric Probability

The probability of a certain number of successes in draws, without replacement, from a finite population that contains exactly two kinds of objects.