Asked by Alyssa Currie on May 19, 2024
Verified
Examples of command economies are:
A) the United States and Japan.
B) Sweden and Norway.
C) Mexico and Brazil.
D) Cuba and North Korea.
Command Economies
Economic systems where the government or central authority controls all major aspects of production and distribution of goods and services.
North Korea
An East Asian country officially known as the Democratic People's Republic of Korea, noted for its centralized economy and autocratic government.
- Elucidate the attributes and impacts of laissez-faire capitalism in comparison to command economies.
Verified Answer
NS
Nicholas ShammaMay 20, 2024
Final Answer :
D
Explanation :
Command economies are those in which the government controls all aspects of the economy. Examples of command economies include Cuba and North Korea. The United States, Japan, Sweden, and Norway practice mixed economies, in which both government and private entities have control over the economy. Mexico and Brazil have market economies, in which the private sector has a dominant role in the economy.
Learning Objectives
- Elucidate the attributes and impacts of laissez-faire capitalism in comparison to command economies.