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Choose the correct answer for the below question:

The decisions of firms and households are guided by prices and self-interest in a

  1. command economy
  2. centrally-planned economy
  3. market economy
  4. All of the above are correct. 

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Richa Arora
Richa AroraLv10
27 Sep 2020

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Related questions

In an economy in which decisions are guided by prices and individual self-interest, there is: 
 
(i) the potential to achieve efficiency in production.
(ii) a strong need for government intervention in the market.
(iii) less efficiency than would be observed in a centrally-planned economy.
(iv) more need for a strong legal system to control individual greed than would be needed in a centrally-planned economy.

In an economy in which decisions are guided by prices and individual self-interest, there is:

a. the potential to reach efficiency in production 

b. a strong need for government intervention in the economy.

c. less efficiency than otherwise be in a centrally planned economy. 

d. more need for a strong legal system to control individual greed than would be needed in a centrally planned economy  

In an economy in which decisions are guided by prices and individual self-interest, there is: 

 

(i) the need for a third party intervention such as that of a government. 

(ii) the potential to optimize efficiency in production. 

(iii) less efficiency compared to what would be in a command economy. 

(iv) the need for a strong authority to regulate individual greed that what would be required in a centrally planned economy.

 

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