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ECONOMICS

Econland is a nation in which the central government regulates production by setting strict quotas on the amount of goods produced in different industries. This trait could be found in a

A. Market economy

B. Mixed economy

C. Command economy

D. More than one of the above

E. None of the above

Answer :

PARRAINGO

A government that works by strictly regulating the production of goods and services in a country is known as a C. Command economy.

Command economies have attributes such as:

  • The central government has a monopoly on the production of all goods and services
  • The central government allocates resources as it sees fit to produce
  • The central government has an economic plan that everyone must follow

In Econland, the government decides the amount of goods produced by industries which means that the central government has a monopoly on the production of goods and services which makes it a command economy.

In conclusion, Econland is a command economy where the government controls production.

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