ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Japan.
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Denmark.
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North Korea.
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India.
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Detailed explanation-1: -The country of North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has an isolated and tightly controlled command economy. A command economy is a standard component of any communist country. In a command economy, the economy is centrally planned and coordinated by the government.
Detailed explanation-2: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-3: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.
Detailed explanation-4: -South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.