ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.
Detailed explanation-2: -The USSR practiced some form of central planning beginning in 1918 with War Communism until it dissolved in 1991, although the type and extent of planning was of a different nature before imperative centralized planning was introduced in the 1930s.
Detailed explanation-3: -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-4: -Communist Revolutions Today, only five countries-China, Cuba, North Korea, Laos, and Vietnam-have communist governments, although they may call themselves socialist or have socialist economies.8 Vietnam, for example, is the Socialist Republic of Vietnam.