A system of economic organization in which the ownership and control of production capital assets rests with the state and in which resources are allocated through central planning and political decision making is called
What will be an ideal response?
Socialism.
You might also like to view...
Which of the following most likely describes economics?
a. Economics is not a form of moral instruction. b. Economics is a form of moral instruction. c. Economics seeks to describe economic behavior as it should exist. d. Economics does not seek to describe behavior.
Increasing wage inequality results when international trade leads to ________ wages for workers in exporting industries and ________ wages for workers in importing industries.
A. lower; no change in B. lower; higher C. higher; higher D. higher; lower
U.S. sugar trade agreements have fallen through. What will the likely effect be?
A. The demand for goods that use sugar will decrease. B. The demand for goods that use sugar will increase. C. The supply of goods that use sugar will increase. D. The supply of goods that use sugar will decrease.
The higher the opportunity cost of borrowing, the higher the amount of investment, other things constant
a. True b. False Indicate whether the statement is true or false