Central planning of resource allocation:
A) was attempted by the United States during the 1973-1974 oil crisis.
B) can only succeed if the central planners have perfect information on the best uses of resources.
C) was the dominant economic planning method in both the former Soviet Union and China.
D) All of the answers are correct.

Question

Quizplus · Accepted Answer

Central planning of resource allocation was attempted by the United States during the 1973-1974 oil crisis, was the dominant economic planning method in both the former Soviet Union and China, and can only succeed if the central planners have perfect information on the best uses of resources.

Central Planning of Resource Allocation