This statement is true. A command economy, also known as centrally planned economy, is an economic system in which the central government makes all the decisions on the production and consumption of goods and services. In other words, it is an <span>economic system in which decisions on both production and consumption of goods and services are based on voluntary exchange in markets.</span>
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The public interest view of central bank behavior suggests that the objective of a bureaucracy is to maximize the public's welfare.
<h3>What does the public's welfare mean?</h3>
Public's welfare refers to term which is used to denote the different tax-supported programs that provide the cash helps services to individuals and families.
Public welfare means all the assistance or aid that is provided to the or on behalf of an eligible person under the Public Assistance Act and regulations.
Basically, public welfare provides the cash assistance to the people who are deemed eligible on the basis of their income and assets.
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Although the WW2 began with Nazi Germany's attack on Poland in September 1939, the United States did not enter the war until after the Japanese bombed the American fleet in Pearl Harbor, Hawaii, on December 7, 1941
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The American belief in "free enterprise" has not precluded a major role for government, however. Americans at times have looked to government to break up or regulate companies that appeared to be developing so much power that they could defy market forces. They have relied on government to address matters the private economy overlooks, from education to protecting the environment<span>. And despite their advocacy of market principles, they have used government at times to nurture new industries, and at times even to protect American companies from competition.</span>