The answer is North Korea.

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Which of the following countries has the most extreme example of a centrally planned economy quizlet?

Efficiency and freedom. Which of the following countries has the most extreme example of a centrally planned economy? North Korea. Socialists believe that economic equality is only possible if…..

What countries are centrally planned?

Countries Comprising Centrally Planned Asia

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What countries have planned economies?

North Korea, Cuba and Zimbabwe are countries that have planned economies. The largest country to have a planned economy was the Soviet Union. A planned economy, or a command economy, involves near-total government control of industries, commerce, manufacturing, output and economic activity.

Are there any problems with a centrally planned economy?

Problems With Centrally Planned Economies. The centrally planned economic model has its fair share of criticism. For example, some believe governments are too ill-equipped to efficiently respond to surpluses or shortages. Others believe that government corruption far exceeds corruption in free market or mixed economies.

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How are free market economies different from centrally planned economies?

Individuals are free to make economy decisions for them, like expenditures, etc where as in the centrally planned economies the government takes much decisions. Free markets cannot help in eradicating the poverty from the society, where as the planned economies can do so.

Which is an example of a planned economy?

Similarly, you may ask, what is an example of a planned economy? The best and most famous examples of planned economies are China, and the former Soviet Union. “ Planned ” means that the central government (basically the Communist party) was the authority setting the targets, budgets, and goals of companies across all industries.

Which is the antithesis of a centrally planned economy?

Centrally Planned Economy: A planned economy is one in which management and development of the economy of a country is planned and managed by his government. The antithesis of central planning, it is capitalism that is characterized by the private sector to control production, distribution and consumption.