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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Germany
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Chile
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Cuba
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Detailed explanation-1: -The economy of Cuba is a mixed command economy dominated by state-run enterprises. Most of the labor force is employed by the state.
Detailed explanation-2: -The five countries with the least-free market economies in 2022 were Zimbabwe, Sudan, Cuba, Venezuela, and North Korea.
Detailed explanation-3: -Cuba’s government consists of a one part communist state. Therefore, the economy of Cuba is a largely state-controlled, centrally planned economy overseen by the Cuban government. These economies are called command economies, where supply and price are regulated by the government rather than market forces.
Detailed explanation-4: -Free enterprise examples include a private restaurant chain run without government interference or a person starting an online business. Its characteristics include market competition, private property, specialization, voluntary exchange, a price system, and entrepreneurship.