GTLE Economics Practice Questions - Ghana Teacher Licensure Examination Subject Specialism Economics Exam

Which of the following is a characteristic of a command (socialist) economic system?

Resource allocation is determined primarily by the forces of demand and supply. The state owns the means of production and planning authorities decide what to produce. Consumer sovereignty dictates the production decisions of firms. Motive of profit maximization drives economic activities.

Correct Answer:

The state owns the means of production and planning authorities decide what to produce.

Access more questions from this quiz

Continue to GTLE Economics Practice Questions - Ghana Teacher Licensure Examination Subject Specialism Economics Exam for more practice questions and the full quiz experience.

Access More Questions