In a centrally planned economy, the government decideshow economic resources will be allocated.A TrueB False Human capital refers to the accumulated skills and trainingthat workers possess.A TrueB False

1) In a planned economy, production, allocation of capital goods, and investment all occur in…

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In a centrally planned economy, the government decides how economic resources will be allocated. A True B False

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 7P

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Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

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In a centrally planned economy, the government decides
how economic resources will be allocated.
A True
B False

Human capital refers to the accumulated skills and training
that workers possess.
A True
B False

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