Question
Statement 1: A planned economy is a type of economic system where investment and the allocation of capital goods is determined by an economy-wide plan of production. Statement 2: A planned economy is based on either centralized or decentralized forms of economic planning. Statement 3: In Planned economies production, distribution, pricing and investment decisions are made by autonomous firms operating in markets.
A set of three statements are given below. Read each statement and answer whether each statement is true or false?
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