Consider the following economic agents:
a.the government
b. consumers
c. producers
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?
A)The government
B)Producers
C)Consumers
D)Consumers and producers

Question

Consider the following economic agents: 
a.the government
b. consumers
c. producers
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?
A)The government
B)Producers
C)Consumers
D)Consumers and producers

Quizplus · Accepted Answer

In a centrally planned economy, the government controls all aspects of the economy, including production, distribution, and pricing of goods and services. The government determines what goods and services will be produced and in what quantities based on their predetermined goals and objectives. Consumers and producers have little to no say in what is produced or how it is distributed.

Consider the Following Economic Agents