Select all that apply. select all items that describe command economies. -inefficient -limited selection -shortage of goods -high standards of living

The correct answers are A) inefficient, B) limited selection, and C) shortage of goods.  

The items that describe command economies are inefficient, limited selection, and shortage of goods.  

A Command economy is the model of the economy that a centralized government uses to control the market to determine what goods must be produced, the number of goods to be produced, and the price to be sold. This is the case of a socialist country. Among the consequences of this command economy is that there is a lack of efficiency because there is competition at all, free enterprise is limited or does not exist. For that reason, there is a limited selection of goods to be sold. People cannot choose from a variety of things and are limited to get what the government produces. And as the government has limited capacity to produce goods, frequently people are facing a shortage of goods that impact their families.