If an economy's factors of production were owned by the government sector and the coordinating activity was done by a government planning board, the economy would be called:

Question

BlackTom AI · Accepted Answer

When evaluating the question, it's important to match the description to the specific economic system.
Option a: mixed capitalism. This implies a mixture of private property with some government intervention but not full government ownership of production. The description states government ownership of factors of production and a planning board, which goes beyond mixed capitalism, so this option is not correct.
Option b: command socialism. In a command socialist system, the government owns the means of production and makes major economic decisions through central planning or a planning board. The scenario exactly fits this characterization, making this a strong Match.
Option c: market capitalism. Market capitalism relies on private ownership and decentralized decision-making through prices in competitive markets. Government ownership and planning are not central features here, so this option is incorrect.
Option d: capitalism. Pure capitalism emphasizes private ownership and minimal state intervention; the description of government ownership contradicts this, so this option is not appropriate.
Option e: market socialism. Market socialism retains some public or cooperative ownership but still uses market mechanisms for allocation; the presence of a planning board and government ownership suggests a more centralized control than market socialism, so this option does not align with the scenario.
Overall, the key distinguishing factor is government ownership of production and central planning, which aligns with command socialism rather than the other forms of economic organization.

Academic Courses Test#1

If an economy's factors of production were owned by the government sector and the coordinating activity was done by a government planning board, the economy would be called:

View Explanation

Log in for full answers

Similar Questions

Which of the following characteristics define a command system? (More than one answer may be correct.) BlackTom题目解析

Choose those characteristics that best describe a command system. BlackTom题目解析

Which of the following is NOT true about a pure command economy?

Which of the following best describes a 'command' ('planned') economy?

1. In a command economy, the government sets production levels and wages.

What is a major disadvantage of a command economic system?

In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

Which of the following is a characteristic of a centrally-planned economy?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler