In most failed centrally planned economies, ________.
A) market conditions helped determine who produced what goods
B) prices of products were a function of supply and demand
C) central planning agencies specified production goals and decided prices
D) central planners paid a great deal of attention to efficiency

Question

Quizplus · Accepted Answer

In most failed centrally planned economies, central planning agencies specified production goals and decided prices. This means that prices were not determined by supply and demand but rather by the decisions of the central planners. Market conditions were not able to determine who produced what goods, as this was also decided by the central planning agencies. While efficiency may have been a goal of the central planners, it did not necessarily translate into successful economic outcomes.

In Most Failed Centrally Planned Economies, ________