The statement that “In a republic, elected officials create to regulate the economy”, is true. In a republican state, the form of government is that the power resides in the elected individual/s representing the citizen body and the leaders of the government exercise their powers according to the law that they made. An example of this is the Philippines. The citizen body elects the government body through mass voting. The winner of the election will reside the citizen body and exercise their right to rule the country.