ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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China
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North Korea
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The United States
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Cuba
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Detailed explanation-1: -The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2022, North Korea continues its basic adherence to a centralized command economy.
Detailed explanation-2: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.
Detailed explanation-3: -Economy. India has a GDP per capita of $6, 100 as of 2020, while in North Korea, the GDP per capita is $1, 700 as of 2015. In India, 8.5% of adults are unemployed as of 2017. In North Korea, that number is 25.6% as of 2013.
Detailed explanation-4: -What is the major difference between North Korea and South Korea Economies? North Korea’s economy is isolated, closed and tightly controlled, whereas South Korea’s economy is one of the world’s most advanced and productive economies.