Explain the differences in economic systems between North and South Korea and the economic outcomes of the two systems
Please provide the best answer for the statement.
North Korea established a command system following the Second World War that emphasized government ownership and central planning. South Korea adopted a market economic system based upon private ownership and the profit motive. The outcomes are striking with South Korea having significantly more economic growth in terms of GDP, GDP per capital and international trade.
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People expect their incomes will decrease next year. As a result, the ________ will shift ________
A) short-run aggregate supply curve; rightward B) aggregate demand curve; rightward C) aggregate demand curve; leftward D) long-run aggregate supply curve; rightward
If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, then an increase in tolls will result in
A) an increase in total revenue. B) a decrease in total revenue. C) a decrease in non-toll road usage. D) an increase in toll road usage.
The tax revenues of federal, state, and local governments have different sources, in that the federal government relies primarily on:
A. excise and property taxes; state and local governments rely on sales taxes. B. sales taxes; state and local governments rely on excise and property taxes. C. sales and property taxes; state and local governments rely to a greater extent on income taxes. D. income taxes; state and local governments rely to a greater extent on sales and property taxes.
Excess capacity and inefficiency result under monopolistic competition.
Answer the following statement true (T) or false (F)