ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mixed
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Command
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Market
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Traditional
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Detailed explanation-1: -The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. It is the world’s ninth-largest economy by nominal GDP, and the sixth-largest by PPP. Russia’s membership to the WTO was accepted in 2011.
Detailed explanation-2: -Russia has a market-based economy with a high level of state involvement, and many government officials are quite wealthy. The Russian currency is the ruble. One ruble is worth approximately $0.016 U.S. dollar.
Detailed explanation-3: -History. The People’s Republic of China was established in 1949. While initially founded as a socialist state with a centrally planned economy, it now has a mixed economy, described by its government as “Socialism with Chinese characteristics”.
Detailed explanation-4: -Countries like China and Russia follow the socialist system.
Detailed explanation-5: -BRICS economies’ diversification prospects. It follows that given its current technological base, Russia has limited opportunities to diversify into a wide range of more complex goods. It might need to reindustrialize and develop new sectors to complement its current exports with more complex products.