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

Question

Quizplus · Accepted Answer

Most economists agree that markets are more efficient in coordinating production and consumption decisions than central planning. This is because markets incentivize individuals to make decisions based on their own self-interest, leading to efficient allocation of resources and production of goods and services. Command economies, on the other hand, often suffer from inefficiencies and lack of innovation due to the absence of market incentives.

With Regard to Various Economic Systems, Most Economists Agree That