Question

In: Economics

"Because the outputs of many industries are the inputs to other industries, the failure of any...

"Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfil the output quantities specified in the central plan caused a chain reaction of adverse repercussions on production." This quotation best identifies the

Multiple Choice

  • incentive problem under central planning.

  • self-sufficiency dilemma under communism.

  • resource overcommitment problem under communism.

  • coordination problem under central planning.

Solutions

Expert Solution

The answer is D- coordination problem under central planning.

"Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfil the output quantities specified in the central plan caused a chain reaction of adverse repercussions on production." This quotation best identifies the coordination problem under central planning.

A centrally scheduled economy is an economic system where a single power, like a state, makes financial choices about production and product allocation. Centrally scheduled economies are the flip side to market economies where companies and consumers, rather than central officials, traditionally make such choices. It's the unseen doctrine of the side.

Centrally planned financial mandates related to the manufacturing of products and services are often performed by state-owned enterprises, which are legal entities created by the government and engaged in business operations on behalf of a government. All prices are regulated by bureaucrats in centrally planned economies, sometimes referred to as "command economies."

Rahul Sunny answered 1 year ago
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