WAEC Economics 2014 Objective — Question 3
Question 3 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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In a centrally planned economy, what to produce is
- A. determined by the forces of demand and supply
- B. driven by profit motive
- C. determined by consumers
- D. the responsibility of the state's bureaucratsCorrect
Explanation
In a centrally planned economy, the state owns and controls the factors of production, and decisions on what to produce are made by the state bureaucrats.
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