A command economy features:A.the government placing some regulations on free businesses.B.people relying on customs to make economic decisions.C.private companies operating without government interference.D.the government directly controlling the production and sale of goods.

What is command economy? Define and discuss with the help of an example. 5 marks

The fundamental difference between a market economy and a command economy lies in which of the following? aAbsolute and comparative advantages bSpecialization and trade cProperty rights and protection of private property dPositive and negative externalities eTaxes and subsidies

Command economies are often described as socialist or communist systemsTrueFalse

Which of the following is a feature of a command system?heavy reliance on marketsprivate ownership of all capitaldivision of output between capital and consumer goods is centrally decidedprivate ownership of resourcesBecause economic generalizations are simplifications from reality, they are impractical and useless. truefalseWhich of the following is an example of a private good?Macy's Thanksgiving Day parade in NYCsunglassescity fire departmentborder patrolThe French term "laissez-faire" meansthere is no free lunch.let it be.circular flow.public ownership.

difference between a command economy and a market economy?2. Which type of economy is most commonly found in the world today?3. Why do command economies often end up being stagnant?