Which of the Following Is Characteristic of a Country with a Planned

question 97

Multiple Choice

Which of the following is characteristic of a country with a planned economic system?

• A) The economy relies chiefly on market forces to allocate goods and resources and to determine prices.
• B) The economic system combines private and state enterprises with limited intervention from the government.
• C) The economy subscribes to capitalistic competition, where private parties own and operate the majority of businesses.
• D) The economic system is primarily capitalistic but there is some degree of government ownership of the means of production.
• E) The economy is largely controlled by the government and freedom of choice is limited in order to accomplish government goals.

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Definitions:

Misrepresentation

The act of providing false, misleading, or incorrect information about a material fact in a contract.

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, rather than paying damages for failure to do so.

Lack of Capacity

A legal term referring to an individual's inability to enter into a contract due to mental incompetence or age.

Duress

Unlawful pressure exerted upon a person to coerce them into an action against their will, often making a contract voidable.