In a Centrally Planned Economy, the three aspects of Ownership, Production, and Allocation are all controlled by the government or the central planning authority.

True

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False

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Solution

The correct option is A
True

True. In a Centrally Planned Economy, the three aspects of Ownership, Production, and Allocation are all controlled by the government or the central planning authority.

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When Ownership, Production, and Allocation are mostly controlled in an economy, such a system of organizing the economy is called Communism.

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