How are most fundamental economic decisions now determined in China?
A)Individuals, firms, and the government interact in a market to make these economic decisions.
B)These decisions are made by the country's elders who have had much experience in answering these questions.
C)The government decides because China is a centrally planned economy.
D)The United Nations decides because China is a developing economy.

Question

Quizplus · Accepted Answer

China has transitioned to a socialist market economy where individuals, firms, and the government interact in the market to make economic decisions, although the government still plays a significant role.

How Are Most Fundamental Economic Decisions Now Determined in China