The closest example of a centrally planned economy is the ____ for the major part of the 20th Century.

Question

YESPYQ · Accepted Answer

Correct answer: c) Soviet Union. The closest example of a centrally planned economy is the Soviet Union for the major part of the 20th Century. A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods. The economy of the Soviet Union was based on a system of state ownership of the means of production, collective farming, and industrial manufacturing. The main character of the command economy is centralized administrative planning. Hence the correct answer is “ Soviet Union.”

The closest example of a centrally planned economy is the ____ for the major part of the 20th Century.

Practice more SSC CGL Economy PYQs