ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the United States and Great Britain
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Germany and Japan in the 1930s and early 1940s
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China in the 1950s and North Korea today
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South Africa and Canada
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Detailed explanation-1: -Understanding Command Economy. 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.
Detailed explanation-2: -The most famous example of a command economy was the former Soviet Union, which operated under a communist system. Since decision-making is centralized in a command economy, the government controls all of the supply and sets all of the demand.
Detailed explanation-3: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.