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 |
The correct answer is Option 1: 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. Both Pakistan and India have mixed economies with elements of both market and command systems. They do not have centrally planned economies where the government solves all the central problems. |