In a Centrally Planned Economic System,who Decides What and How

question 140

Multiple Choice

In a centrally planned economic system,who decides what and how much will be produced?

• A)Consumers
• B)Privately owned businesses
• C)The government
• D)The people,by referendum every five years
• E)Consumers and producers together,guided by the market

---

Definitions:

Units of Labor

Quantitative measures representing the workforce or the effort exerted by workers in the production of goods and services.

Dress Factory

A manufacturing facility where dresses are produced in large quantities.

Production Isoquants

Curves that represent combinations of various inputs that result in the same level of output, used in the analysis of production technology.

Marginal Product

The additional output that is produced by employing one more unit of a particular input, keeping all other inputs constant.