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Question
In a socialist economy, it is the responsibility of the ___________ to ensure that adequate amount of goods are made available to the people.
In a socialist economy, it is the responsibility of the ___________ to ensure that adequate amount of goods are made available to the people.
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Solution
The correct option is C planning authority
The central problems of the economy is solved by a centrally based planning authority that resolves all the centrally based problems related to production of goods and services in the economy which includes the problem of 'What to produce? Consumer goods or capital goods?' which is decided by allocating resources for the production keeping in mind the needs of the people i.e. consumer goods and to satisfy their wants.
The central problems of the economy is solved by a centrally based planning authority that resolves all the centrally based problems related to production of goods and services in the economy which includes the problem of 'What to produce? Consumer goods or capital goods?' which is decided by allocating resources for the production keeping in mind the needs of the people i.e. consumer goods and to satisfy their wants.
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