In a planned economy, who is responsible for managing the production and distribution of wealth?

Multiple choice question for Basic of Economics. Select an option, then review the explanation below.

Explanation

In a planned economy, the production and distribution of wealth are controlled by the government, not the private sector or banks. Therefore, the correct answer is the government.

Practice related questions from the same subject.

1.Which of the following best describes deflation?
2.Under what condition can two nations benefit from engaging in international trade?
3.Which of the following represents a legitimate form of currency?
4.Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
5.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?

In a planned economy, who is responsible for managing the production and distribution of wealth?

Explanation

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