Which of the Following Is a Characteristic of a Command

question 98

Multiple Choice

Which of the following is a characteristic of a command economy?  

• A) A dictator makes every economic decision. 
• B) Owners can sell their resources to the highest bidder. 
• C) No individual or group coordinates the economy. 
• D) In theory, individual choices are reflected in collective decisions, and decisions are made by central planners.

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Definitions:

FASB

The Financial Accounting Standards Board, responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States.

Annual Report

A comprehensive report detailing a company's activities, financial performance, and operations over the previous financial year.

Interim Financial Statements

Financial reports that are issued for periods of time shorter than the company's full fiscal year, intended to provide an update on the company's financial progress.

Interim Accounting Procedures

The processes and practices used to prepare financial statements for periods shorter than a fiscal year, such as quarterly reports.