GK
BUSINESS MANAGEMENT
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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: -Dictatorship: These are countries where the authority of one person controls the government. They also work in a command economy where the government controls many business sectors. For example, some middle east countries like Egypt, Iran, Libya, etc., run under a dictatorship.
Detailed explanation-2: -A command economy is a system where the government has total control over the economy it reigns over. Characteristics of this economy include governmental control of wages and pricing, limited property rights, government ownership of key businesses and industries, and robust black markets.
Detailed explanation-3: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.
Detailed explanation-4: -Which statement describes a disadvantage of a command economy? Nothing stops the government from producing things that people don’t need or want.
Detailed explanation-5: -Which statement best describes a command economy? The government determines economic choices and makes most decisions.