4. Examples of command economies are: A. The United States and Japan. B. Sweden
ID: 1134464 • Letter: 4
Question
4. Examples of command economies are: A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea. 5. Of the following countries, the one that best exhibits the characteristics of a market economy is: A. Canada. B. Cuba. C. North Korea D. China. 6. The French term "laissez-faire" means: A. "there is no free lunch." B. "let it be." C. "circular flow. D. "public ownership." 7. An economic system A. requires a grouping of private markets linked to one another. 8, is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. C. requires some sort of centralized authority (such as government) to coordinate economic activity D. is a plan or scheme that allows a firm to make money at some other firm's expenseExplanation / Answer
4.Command economy is such market condition in which the decision related to the production, distribution, price, income etc is taken by the government of the country. In today's world Cuba and North Korea are examples of such market conditions therefore answer D is correct.
5.market economy is one of the market condition in which the production, investment and distribution decisions are determined by the price level and price is determined by demand and supply of the goods in the market.
Therefore correct answer is (A.)Canada is one which best exhibits the characteristics of market economy.
6. Laissez-Faire means that there is no intervention of government in the economy.
Therefore the correct answer is (B.) Let it be.
7. Answer (B.) Is correct
Economic system is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problems like production, investment, distribution, price etc.
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