Question

A system in which all the means of production are owned and controlled by the government is known as a:

a. mixed economy.
b. profit economy.
c. command economy.
d. market economy.

Answer 1

A system in which all the means of production are owned and controlled by the government is known as a command economy. In a command economy, the government makes all the decisions about what to produce, how to produce it, and who receives it.

Step-by-step explanation:

A system in which all the means of production are owned and controlled by the government is known as a command economy. In a command economy, the government makes all the decisions about what to produce, how to produce it, and who receives it. This type of economy is also referred to as a planned or communist economy. Examples of countries with command economies include North Korea and Cuba.