Central Planning Is a Key Characteristic of Which Economic System

question 32

Multiple Choice

Central planning is a key characteristic of which economic system?

• A) Free market
• B) Price system
• C) Command and control
• D) Mixed economic system

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to standardize and simplify the law across states.

Personal Property

Describes movable assets or belongings that are not permanently attached to or part of real estate; includes items such as furniture, vehicles, and electronics.

Promissory Estoppel

A rule of law that bars an individual from retracting a commitment made to another if the second party has justifiably depended on this pledge to their harm.

Justifiable Reliance

A principle in contract law that an individual can act based on the assurance or promise of another, assuming such dependence is reasonable and logical.