In a Command Economy, Decisions About How to Allocate Resources

question 87

Multiple Choice

In a command economy, decisions about how to allocate resources are made:

• A)​based upon tradition.
• B)​by a central planning board.
• C)​by individuals and firms interacting in markets coordinated by a price system.
• D)​by a lottery system.

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Definitions:

Itemized Deductions

Expenses listed individually on a tax return that can be subtracted from adjusted gross income to reduce taxable income.

Joint Return

A tax return filed by married couples who choose to combine their taxable income into one return, potentially leading to tax benefits.

OASDI

The Old-Age, Survivors, and Disability Insurance program, part of Social Security in the United States, funded through payroll taxes.

Hospital Insurance

A type of health insurance coverage that pays for hospitalization expenses, surgeries, and other medical procedures.