Central planning is rooted in the ideology that the welfare of a group is more important than individual well-being.
Answer: TRUE
7) Frederick Taylor popularized the idea of central economic planning in the nineteenth century.
Answer:
8) The ultimate goal of a market economy is to ensure that the government takes complete control over the distribution of a nation's resources.
Answer:
9) The government makes nearly all economy-related decisions in a market economy.
Answer: FALSE
AACSB: Dynamics of the global economy
10) One of the reasons for the decline of central planning was its failure to create economic value for customers.
Answer: TRUE