When a Country Like North Korea Is Characterized as a Command

question 64

Multiple Choice

When a country like North Korea is characterized as a command economy, it's because most prices are

• A)determined in the market, and they usually lead to market failures.
• B)set by the government, which usually leads to inefficiencies.
• C)determined in the market, and they result in efficient outcomes.
• D)set by the government, and they result in efficient outcomes.
• E)determined in the market, and they usually lead to inefficiencies.

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Definitions:

UCC

Stands for Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Termination Statement

A document filed to indicate the end of a secured party's interest in the debtor's collateral, effectively releasing the security interest.

Waiver Statement

A legal document in which a person voluntarily relinquishes a known right, claim, or privilege.

Purchase-Money Security Interest

Purchase-money security interest is a legal claim or lien that allows a lender to repossess or claim goods purchased with borrowed funds if the borrower fails to meet the repayment terms.