In which of the following options, the central problems of the economy are solved by the central authority? |
Russia Pakistan India Both 1 and 3 |
Russia |
Russia is a country where there is a centrally planned economy. All the decisions relating to the economic activities are managed by the central authority. Countries like China, Russia etc. follow a centrally planned economy. Whereas, countries like India and Pakistan follow a mixed economic system where not all the production activities are managed by the central authority. There is a blend of private and public sectors. |