Which of the following statements is TRUE? I. China and the Soviet Union tried to centrally plan their entire economies. II. To many people's surprise, including economists, central planning proved successful in Eastern Europe. III. President Nixon ordered gas stations closed on Sunday, an example of central planning.
A) II and III only
B) I, II, and III
C) II only
D) I and III only

Question

Quizplus · Accepted Answer

Statement I is true, as both China and the Soviet Union attempted to centrally plan their entire economies. However, statement II is false, as central planning did not prove successful in Eastern Europe. In fact, it led to economic inefficiencies and stagnation. Statement III is also false, as President Nixon did not order gas stations to close on Sundays.

Which of the Following Statements Is TRUE? I