Question on: WAEC Economics - 2014
In a centrally planned economy, what to produce is
A
determined by the forces of demand and spply
B
driven by profit motive
C
determined by consumers
D
the responsibility of state's bureaucrats
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Correct Option: D
A centrally planned economy is an economic system in which a single authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
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