Given the national income identity: Y = C + I + G + (X – M), where Y is national income, C is private consumption, I is private investment, G is government spending, X is export, and M is import. Further assume that: C = C0 + bYd , where Yd is disposable income and b is the marginal propensity to consumer, 0 < b < 1; M = mYd , where m is the marginal propensity to import, 0 < m < 1; Yd = (1-t)Y, where t is the tax rate, 0 < t < 1; and I = I0 , G = G0, and X = X0 , all assumed fixed. Find the equilibrium level of national income.

answerboth the short run phillips curve and the aggregate demand and aggregate supply model

-the personal ownership of property

-the influence of consumer demand

explanation:

the command economy prohibits the personal ownership of property.

basically, command economy is defined as the system where a nation’s government is the one that makes all the decisions when it comes to its economy. the government is the one who controls the production of goods and services and regulates the prices and salaries.

therefore, since that the government is the authority, then all kinds of personal ownership of property is prohibited by them.