A Principal Feature of a Command Economy Is That ____________

question 84

Multiple Choice

A principal feature of a command economy is that ____________.

• A) production decisions are made by profit-maximizing firms.
• B) there is a central planning board at the top, which transmits economic decisions down to the various producing and consuming units below.
• C) consumers are allowed to determine that is produced based on their demand for goods and services.
• D) regulatory agencies constrain the most egregious forms of market power in a market system of allocation.

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Definitions:

Two-way ANOVA

A statistical analysis tool used to explore the relationship between two categorical independent variables and a continuous dependent variable.

Interaction Effect

A phenomenon in statistical analysis where the effect of one variable on an outcome is different depending on the level or value of another variable.

Main Effect

In the context of statistical analysis, especially ANOVA, refers to the direct impact of an independent variable on a dependent variable.

Degrees of Freedom

The number of values in the final calculation of a statistic that are free to vary, often associated with the sample size.