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Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North Korea's production possibilities (per person) to be smaller than those of Australia? What are the economic institutions that help the Australian economy achieve allocative efficiency that North Korea might lack?
What are the factors that determine the volume of production?
factors that affects the volume of production
International economic relations also depend, in large calculate, on monetary =issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easil
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