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In a centrally planned economy, the economic problem of deciding what to produce is dependent...

Economics
JAMB 2002

In a centrally planned economy, the economic problem of deciding what to produce is dependent on?

  • A. average profit
  • B. state command
  • C. average cost
  • D. relative prices
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Correct Answer: Option B
Explanation

A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.

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