ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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India
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South Korea
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China
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North Korea
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Detailed explanation-1: -North Korea continues its isolation from much of the rest of the world. Based on limited available information, North Korea’s economic freedom score is 2.9, making its economy the least free in the 2023 Index. North Korea is ranked last out of 39 countries in the Asia–Pacific region.
Detailed explanation-2: -North Korea has a command (centralized) economy. The state controls all means of production, and the government sets priorities and emphases in economic development. Since 1954, economic policy has been promulgated through a series of national economic plans.
Detailed explanation-3: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-4: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.