Economics · Types of Economies
Consider the following two statements about types of economies: Statement I: In a centrally planned economy, the government takes all major decisions regarding production, exchange, and consumption of goods and services. Statement II: In a market economy, economic activities are restricted to physical marketplaces where buyers and sellers must interact face-to-face. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither statement is correct
- 2Both statements are correct
- 3Only Statement II is correct
- 4Only Statement I is correct✓
Correct answer
Only Statement I is correct
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