What problems does a command economy face when it tries to determine what to produce for the economy?
What will be an ideal response?
The biggest difficulty that a command economy faces in determining which goods to produce is the fact that there are no prices in the economy which signal which goods and services are more highly valued than others. As a consequence since the decision to produce is often centralized either too little of some products are produced or too much is produced.
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The biggest benefit to members of a union is:
A. being able to bargain as a group. B. keeping non-union workers out of their industry. C. negotiating minimum wage legislation. D. getting raises without having to do any work.
The monetary base is defined as
A. all deposits at the Fed. B. bank reserves minus vault cash. C. deposits at the Fed plus vault cash. D. bank reserves plus currency held by the nonbank public.
Refer to the below graphs. A short-run equilibrium that would produce losses for a monopolistic ally competitive firm would be represented by graph:
A. A
B. B
C. C
D. D
Before Social Security, 51 percent of men over age 65 worked. Today that number is
A. 9 percent. B. 32 percent. C. 43 percent. D. 24 percent.