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3 February, 05:52

Which statement explains a planned economy?

The state determines prices and allocates resources. The means of production are owned by all the people. The means of production are controlled by individuals, not the government. The prices of products and allocation of resources are determined by market forces.

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  1. 3 February, 07:28
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    The first one is correct. In a planned economy, also known as a command economy, the state determines prices and allocates resources.
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