Prior to the collapse of communism, communist countries worked on the premise that economic well-being could be best attained by
A)a market economy.
B)a strong reliance on prices and individuals' self-interests.
C)a system of large privately owned firms.
D)the actions of government central planners.

Question

Quizplus · Accepted Answer

Communist countries, prior to the collapse of communism, operated under the belief that economic well-being could be best achieved through the actions of government central planners. This approach is in contrast to market economies, where economic decisions are made based on prices and individual self-interests, and where there is a significant presence of privately owned firms.

Prior to the Collapse of Communism, Communist Countries Worked on the Premise