A System in Which the State Manages the Production and Distribution

question 36

Multiple Choice

A system in which the state manages the production and distribution of goods is referred to as

• A)a command economy.
• B)a capitalist economy.
• C)state/welfare capitalism.
• D)communism.

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Definitions:

Lowest Price

The minimum price at which a product or service is offered in the market.

Short Run

A period in economic theory during which at least one input is fixed while others are variable.

Short Run

A period in economics during which the quantities of some inputs, typically capital, cannot be changed, affecting how firms adjust production levels.

Long Run

A period of time in economics during which all inputs, including capital and labor, can be adjusted, and all markets are in equilibrium.