With regard to various economic systems,most economists agree that
A)the mix of market and command principles that exists in Canada is the best.
B)the optimal mix of market and command systems remains constant over time.
C)most production and consumption decisions are more efficiently coordinated by markets than through central planning.
D)government intervention in the economy is only justified in time of war.
E)command economies have been very successful in distributing income in socially just ways.

Question

Quizplus · Accepted Answer

Most economists agree that market economies are more efficient than command economies in coordinating production and consumption decisions. While the optimal mix of market and command systems may vary over time and across countries, there is a general consensus that a market-based system is necessary for economic growth and prosperity. Government intervention may be necessary in certain circumstances, such as during times of recession or to address market failures, but it is not viewed as a substitute for market coordination. The idea that command economies are more effective in distributing income in a socially just way is not supported by empirical evidence.

With Regard to Various Economic Systems,most Economists Agree That