Which type of economy has central ownership and lack of individual choice?Group of answer choicesCommand EconomyMixed EconomyTraditional EconomyNext
Question
Which type of economy has central ownership and lack of individual choice?Group of answer choicesCommand EconomyMixed EconomyTraditional EconomyNext
Solution
The type of economy that has central ownership and lack of individual choice is a Command Economy. In this type of economy, the government or a central authority makes all the decisions regarding what to produce, how to produce, and for whom to produce. Individual choice is limited as the central authority controls all the resources and determines the allocation of resources.
Similar Questions
Which type of economy has a government that plays a role in a few sectors but basically lets society take the economic lead?Group of answer choicesTraditional EconomyMixed EconomyCommand EconomyMarket EconomyNext
Which Economy represents most of the economies in the world today?Group of answer choicesTraditional EconomyMarket EconomyMixed EconomyCommand EconomyNext
Which economy does not always provide public goods for society, such as universal education and health care?Group of answer choicesTraditional EconomyMixed EconomyCommand EconomyMarket EconomyNext
Which type of economy lacks incentives for people who work, frequently has poor-quality goods or shortages for their societal members.Group of answer choicesMixed EconomyMarket EconomyTraditional EconomyCommand Economy
Which type of economy discourages use of technolgy, maintains a lower standard of living and has trouble recouperating from nataural disasters.Group of answer choicesMarket EconomyTraditional EconomyCommang Econmy
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.