BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Hu Jintao, the dictator of China, makes the decisions which affect the jobs and living conditions of people living in China. The economic system in China is closer to which economic system?
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Command
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Market
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Tradionalist
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Mixed
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Explanation:
Detailed explanation-1: -Since the introduction of Deng Xiaoping’s economic reforms, China has what economists call a socialist market economy – one in which a dominant state-owned enterprises sector exists in parallel with market capitalism and private ownership.
Detailed explanation-2: -Since its establishment in 1949 and until the end of 1978, China maintained a centrally planned, or command, economy. The state directed and controlled a large share of the country’s economic output; the state set production goals, controlled prices, and allocated resources throughout most of the economy.
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