Podcast
Questions and Answers
What is a key characteristic of a planned economy?
What is a key characteristic of a planned economy?
- Free market pricing
- Unrestricted consumer choice
- Decentralized economic decisions
- Central Planning (correct)
In a planned economy, who often owns and controls the means of production?
In a planned economy, who often owns and controls the means of production?
- Government (correct)
- International organizations
- Private individuals
- Collective bargaining groups
What is typically set by the government in a planned economy?
What is typically set by the government in a planned economy?
- Production quotas based on consumer demand
- Prices for goods and services (correct)
- Entrepreneurial opportunities
- Labor wages determined by the market
Which economic system is often associated with socialist or communist political systems?
Which economic system is often associated with socialist or communist political systems?
What major challenge have many countries with planned economies faced?
What major challenge have many countries with planned economies faced?
Which factor is typically limited for consumers in a planned economy?
Which factor is typically limited for consumers in a planned economy?
In a planned economy, who typically owns the means of production?
In a planned economy, who typically owns the means of production?
What is a key characteristic of a planned economy related to production targets?
What is a key characteristic of a planned economy related to production targets?
How does a planned economy affect consumer choice compared to a free market economy?
How does a planned economy affect consumer choice compared to a free market economy?
What is one consequence of the government setting prices in a planned economy?
What is one consequence of the government setting prices in a planned economy?
How does resource allocation occur in a planned economy?
How does resource allocation occur in a planned economy?
What impact does reduced competition have in a planned economy?
What impact does reduced competition have in a planned economy?
Which economic system allows individuals to own resources like land, labor, and capital?
Which economic system allows individuals to own resources like land, labor, and capital?
In positive economics, what is the main focus?
In positive economics, what is the main focus?
Which type of economics involves making recommendations and judgments about policies?
Which type of economics involves making recommendations and judgments about policies?
What is the main characteristic of a free market economy in terms of pricing?
What is the main characteristic of a free market economy in terms of pricing?
Which economic system involves government intervention in determining prices?
Which economic system involves government intervention in determining prices?
What aspect of an economy does the belief that 'wealthy individuals ought to pay higher taxes to support social welfare programs' relate to?
What aspect of an economy does the belief that 'wealthy individuals ought to pay higher taxes to support social welfare programs' relate to?
