Home
/
Business
/
Which of the following is correct? Select one: a. Support for a free -market economy is strongest in North Korea. D b. In recent years more and more countries have rejected communism and embraced more market-basec economies. c. There is a consensus that command economies are more efficient than market economies because a centralized government can consider a wider range of economic factors when decisions are made. D d. Socialism is the most extensive command economic system because government owns all the major industries. e. All of these are correct.

Question

Which of the following is correct? Select one: a. Support for a free -market economy is strongest in North Korea. D b. In recent years more and more countries have rejected communism and embraced more market-basec economies. c. There is a consensus that command economies are more efficient than market economies because a centralized government can consider a wider range of economic factors when decisions are made. D d. Socialism is the most extensive command economic system because government owns all the major industries. e. All of these are correct.

Which of the following is correct?
Select one:
a. Support for a free -market economy is strongest in North Korea.
D b. In recent years more and more countries have rejected communism and embraced
more market-basec economies.
c. There is a consensus that command economies are more efficient than market
economies because a centralized government can consider a wider range of
economic factors when decisions are made.
D d. Socialism is the most extensive command economic system because government
owns all the major industries.
e. All of these are correct.

Solution

expert verifiedExpert Verified
4.7(222 Voting)
avatar
AdamExpert · Tutor for 3 years

Answer

###B. In recent years more and more countries have rejected communism and embraced more market-based economies.

Explain

##Step 1: Analyzing Option A<br />###North Korea is a command economy, not a free-market economy. Option A is incorrect.<br /><br />##Step 2: Analyzing Option B<br />###The trend in recent decades has been a global shift towards market-based economies, away from centrally planned systems. Option B is correct.<br /><br />##Step 3: Analyzing Option C<br />###Command economies are generally considered less efficient than market economies due to issues like lack of innovation and responsiveness to consumer demand. Option C is incorrect.<br /><br />##Step 4: Analyzing Option D<br />###While socialism involves government ownership or control of key industries, communism represents a more extensive form of command economy where virtually all economic activity is centrally planned. Option D is incorrect.<br /><br />##Step 5: Analyzing Option E<br />###Since not all the previous options are correct, option E is incorrect.<br /><br />#
Click to rate: