Economies in Which the Government Owns Factors of Production and Determines

question 18

Multiple Choice

Economies in which the government owns factors of production and determines prices are known as:

• A)Mixed market economies
• B)state trading companies
• C)centrally planned economies
• D)market economies

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Definitions:

Probability

The determination of how probable an event is, denoted as a number from 0 to 1.

Uniform Density

Uniform density refers to a type of distribution in which every outcome in a range has an equal probability of occurring, often represented in physics and probability theory.

Probability

A quantification of the chance that a specific event happens, represented as a number ranging from 0 to 1.

Poisson Approximation

A methodology in statistics used to approximate the probability of a given number of events happening in a fixed interval of time or space.