GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -North Korea-the world’s most totalitarian state-is another prominent example of a socialist economy. Like Cuba, North Korea has an almost entirely state-controlled economy, with similar social programs to those of Cuba. There is no stock exchange in North Korea either.

Detailed explanation-3: -Some examples of countries that have command economies are Cuba, North Korea and the former Soviet Union.