For much of the 20th century, China's economy was which of the basic economies: Traditional, Command, Market?
Responses
A CommandCommand
B MarketMarket
C Traditional
Command
The correct answer is: B) Market
To determine the type of economy that China had for much of the 20th century, we need to understand the characteristics of each type of basic economy.
1. Traditional Economy: In a traditional economy, economic decisions are based on customs, traditions, and historical practices. It tends to be found in rural or tribal societies where goods and services are produced and exchanged through barter. However, China's economy during much of the 20th century was not primarily based on traditional practices.
2. Command Economy: In a command economy, the government has central control over economic activities, including production, distribution, and resource allocation. The government decides what goods and services should be produced, in what quantities, and at what prices. However, China's economy underwent significant changes during the 20th century, moving away from a command economy towards a different model.
3. Market Economy: In a market economy, economic activities are primarily driven by the forces of supply and demand, with minimal government intervention. Private individuals and businesses make decisions about what to produce and consume based on market forces. China's economy underwent notable reforms starting from the late 1970s, transitioning from a command economy to a more market-oriented system known as "socialism with Chinese characteristics". This shift led to a greater emphasis on market mechanisms, private ownership, and entrepreneurship.
Based on these considerations, we can conclude that for much of the 20th century, China's economy was primarily a market economy (B) with increasing levels of government intervention in certain sectors.
Most of the food in China is produced __________.
Responses
A for military usefor military use
B for political leadersfor political leaders
C for domestic consumptionfor domestic consumption
D for international export
For much of the 20th century, China's economy was a command economy.
C for domestic consumption
China's economy is more __________ oriented than North Korea's.
Responses
A marketmarket
B commandcommand
C tradtional