If a society values the group more than the individual, and believes that people should be judged by the quality of their contribution to the group instead of their individual achievement, then the society is said to value:_______.A. Individualism.
B. Power distance.
C. Collectivism.
D. Diversity.

The answer was the Gold Standard.  The U.S. dollar was based on the Gold Standard.  Due to the rising price of oil, the value began to fluctuate so they decided to base the value of their currency on the demand of the markets but this led to the dollar’s depreciation.

The correct answer is Cuba.

A command economy is a system where the government decides which good should be produced, how many goods should be produced and at what price. In a free-market economy the above is decided by the market itself, without any ( or only limited ) influence from the ruling government.

A command economy is a key feature of many socialist or communist countries, such as Cuba, North Korea or the former Soviet Union.

Cuba has a state economy dominated by state-run enterprises. Most industries are run and operated by the government and most of the labor force is employed by the state.

Cuba and North Korea have a socialist command economy. The command economy is a characteristic of the socialist or communist state.

EXPLANATION  

The command economy is a system in which the government determines all aspects of the economy both of which goods must be produced-how much to produce and the price at which goods are offered for sale. This system clearly rejects the existence of a free market. The command economy is a characteristic of the socialist or communist state. The following countries are applying a command economy: North Korea, Cuba, and the former Soviet Union.

While China, which is a communist country, does not implement a command economy. Although they have used the command economy for several decades before finally switching to a mixed economy. Mixed economics mix applications of communist and capitalist elements.

Here are some of the weaknesses of the Command Economy:

• Rationally, Command Economic planning cannot determine the number of economic aspects such as the amount, proportion, and time of economic activity in all regions of the State without the existence of personal property or the operation of supply and demand.

• Economic command in terms of providing incentives. The incentives are given to workers, planners, and managers in state-owned companies are very small.

But adherents of the command economy argue that their economic goal is to achieve equitable distribution and achieve social welfare rather than the profits of individuals who are glorified by capitalists.

LEARN MORE

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

• How does a socialist government with a command economy manage its economy?

brainly.com/question/917511

KEYWORD: socialist, Cuba, economy

Subject: Social Studies

Class: 10 – 12

Subchapter: Command Economy