Which of the Following Statements Does Not Describe a Command

question 370

Multiple Choice

Which of the following statements does not describe a command economy?

• A) Government bureaucrats decide what and how much is to be produced.
• B) A command economy is sometimes called a "planned economy."
• C) Prices are set by the law of supply and demand.
• D) Producers offer a highly limited assortment of goods and services.
• E) The economy is found in countries like Iran and North Korea.

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Definitions:

Supply

The total amount of a good or service that producers are willing and able to sell at a given price level.

Insurance Copayments

The fixed out-of-pocket amount paid by an insured for covered services, in addition to any insurance-covered portion.

Physician Fees

are the charges or payments required for medical services provided by a doctor or medical specialist.

Malpractice Insurance Premiums

Payments made to insure against claims of negligence or inadequacy by professionals, especially in the medical field.