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:

Uniform Distribution

A type of probability distribution in which all outcomes are equally likely.

Probability

The chance of a particular outcome occurring, often quantified as a number between 0 (impossible) and 1 (certain).

Subway Waiting

The period of time passengers wait for a subway train to arrive at a station.

Normal Distribution

A probability distribution that is evenly balanced around the mean, indicating that values close to the mean occur more frequently than values that are distant from the mean.