Question

Which statement is least true of the capitalist economy?

a) Market competition involves an exchange of items between willing buyers and sellers.
b) The goal of the system is to sell something for more than it costs to produce.
c) There is central planning to determine what to produce and who can do it best.
d) The means of production are in the hands of private owners.

Answer 1

The least true statement of the capitalist economy is that there is central planning to determine what to produce and who can do it best.

Step-by-step explanation:

In a capitalist economy, the statement least true is c) There is central planning to determine what to produce and who can do it best. In capitalism, the means of production are in the hands of private owners and economic decisions are made by individuals and businesses, not by a central planning authority. Market competition involves an exchange of items between willing buyers and sellers, with the goal of selling something for more than it costs to produce. This system allows for economic freedom, competition, and voluntary exchange.