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4 years ago

Which statement regarding command economies is FALSE?

Business

2 answers:

Roman55 [17]4 years ago

6 0

The government does not own the factors of production. That is the false statement

ivanzaharov [21]4 years ago

4 0

Answer:

The correct answer is letter "C": Self-interest influences the decisions made about production.

Explanation:

A command economy is one where the government controls the economy, acts as a central planner, dictates production quotas and distribution levels, and sets prices. Such economies exist in communist or socialist states such as China, North Korea, and Cuba.

<em>In a command economy, </em><u><em>the government almost exclusively owns the means of production</em></u><em> controlling the supply of output, most of the time leading to shortages.</em>

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At the same time, quantity demand for labor decreases in the economy. This is due to the higher wages which increases the firm's cost of production. So, at this wage firm's demand for labor decreases.

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lisov135 [29]

An increase in the velocity of the money refers to a situation when the rate of changing leads to hand rises and ultimately results in an increase in the price level, indicating an inflation.

<h3>What is velocity of money ?</h3>

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Learn more about velocity of money here:

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