An economic policy in which a government dictates much of a nation's economic activity, including levels of production and prices, would best be described as a ______ economy.

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A command-and-control economy is one in which the government exerts a high level of control over the economy, often dictating levels of production and setting prices. This is in contrast to a laissez-faire economy, in which the government takes a hands-off approach and allows the market to dictate economic activity. A mixed economy combines elements of both command-and-control and laissez-faire, while a socialist economy involves government ownership and control of much of the means of production.

An Economic Policy in Which a Government Dictates Much of a Nation's