In a centrally planned economy the economic pro... - JAMB Economics 2002 Question
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
A
average profit
B
state command
C
average cost
D
relative prices
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Correct Option: C
In a centrally planned economy, the government (the state) makes all the economic decisions, including what goods and services will be produced, how they will be produced, and for whom they will be produced. This is done through state command or central planning, not by market forces like profit, cost, or relative prices.
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