The correct option is <u>(B). China’s economy can best be described as a command economy.
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Further Explanation:
Command economy is referred to as an “economy” where the administration has the complete authority to make decisions related to the country’s economy. The government decides the ‘number of goods’ produced and at what price the product will be sold. The government also has control over the income and investment. Sometimes “command economy” is also identified as a “planned economy” with its administration as its “central planner”. Capital, private proprietorship, and labor are “either missing” or “sprucely limited”, to support essential economical plan.
Command economy deals with an “oligopoly business” to meet the aims of “national economy
Mobilization” of economic resources that occurs on a large scale. They are not affected by ‘legal action’ and can ‘execute massive projects’, ‘industrial power projects’ to meet the demands of society without any hindrance. market.
China, North Korea, Cuba, and the former Soviet Union are the example of countries to have a command economy.
Learn More:
1. Though the outcomes of the Schenck and New York Times differed, what did these decisions have in common? The government has a heavy burden to prove harm. The government can limit speech that causes harm. The government has unlimited power to limit speech. The government must follow the first amendment.
<u>brainly.com/question/1804110
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2. How did California differ from the united states in terms of interactions of whites and natives
<u>brainly.com/question/7248802
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Answer Details:
Grade: Middle School
Chapter: Command Economy
Subject: Social Studies
Keywords:
command economy, administration, authority, government, private proprietorship, oligopoly business, mobilization
