ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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N Korea
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Cuba
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Vietnam
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All of the above
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Detailed explanation-1: -Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-2: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.
Detailed explanation-3: -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-4: -Examples of countries following a command economic system are Cuba, North Korea, Belarus, China, Iran, and Russia. Some of the advantages are the equal distribution of wealth, reduced inequality, low level of unemployment, and maximized social welfare.
Detailed explanation-5: -Belarus. Cuba. Iran. Libya. North Korea. Russia.