How Are the Fundamental Economic Decisions Determined in Cuba

question 99

Multiple Choice

How are the fundamental economic decisions determined in Cuba?

• A)Individuals,firms,and the government interact in a market to make these economic decisions.
• B)These decisions are made by the country's elders who have had much experience in answering these questions.
• C)The government decides because Cuba is a centrally planned economy.
• D)The United Nations decides because Cuba is a developing economy.

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Definitions:

Absolute Advantage

The ability of a country or entity to produce a good more efficiently (using fewer resources) than another country or entity.

Specializing

The process of focusing on and becoming expert in a particular subject or skill.

Trading

The action of buying, selling, or exchanging goods and services between people or organizations.

Specialized

Having a focus or expertise in a specific area of activity, knowledge, or production, often leading to increased efficiency.