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Subject - Economics:

Macroeconomics

MCQ - 30-4040

Question:

Which of the following is characteristic of a centrally planned economic system?

  1. Resources are allocated based on relative prices.
  2. The circular flow of goods and services minimizes the role of the federal government.
  3. Private ownership of resources is fundamental to economic growth.
  4. The circular flow of goods and services minimizes the role of the federal government.
  5. Efficiency is superior to the market economic system.

Correct Answer: D

Explanation:

A centrally planned economy decides which goods are needed and how best to provide them to the population. Resources are allocated and goods are distributed by the government, not the price system.

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269 MCQ for effective preparation of the test of Macroeconomics of Economics section.

Read the MCQ statement: Which of the following is characteristic of a centrally planned economic system? , keenly and apply the method you have learn through the video lessons for Macroeconomics to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 30-4040.

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