The Centrally Planned Economy (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
Who holds complete authority over economic decisions in a centrally planned economy?
Who holds complete authority over economic decisions in a centrally planned economy?
The government
Who owns major resources like land and factories in a centrally planned economy?
Who owns major resources like land and factories in a centrally planned economy?
The state
How many years do central economic plans typically span?
How many years do central economic plans typically span?
3-5 years
Who acts as the primary business owner in a centrally planned economy?
Who acts as the primary business owner in a centrally planned economy?
The government
How does a centrally planned economy achieve even distribution of income?
How does a centrally planned economy achieve even distribution of income?
By controlling wage levels directly
How can centrally planned economies achieve full employment?
How can centrally planned economies achieve full employment?
The state employs everyone
What benefit does price administration provide in centrally planned economies?
What benefit does price administration provide in centrally planned economies?
Keeps goods affordable for citizens
Why do workers in centrally planned economies often lack motivation?
Why do workers in centrally planned economies often lack motivation?
Similar rewards regardless of effort
What is the calculation problem in centrally planned economies?
What is the calculation problem in centrally planned economies?
Determining production without prices
What personal freedom is often restricted in centrally planned economies?
What personal freedom is often restricted in centrally planned economies?
Freedom of movement and speech