Command systems in the Soviet Union and Eastern Europe failed primarily because of coordination and incentive problems.
Answer the following statement true (T) or false (F)
True
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China's recent economic performance is most similar to the experience of ________
A) the United States in the 1890s B) Japan in the 1960s & 1970s C) Cuba in the 1990s D) the Soviet Union in the 1950s & 1960s
Opportunity cost measures:
a. value in terms of the cost of production. b. total accounting cost. c. value-based prices. d. foregone opportunities. e. the difference between production cost and resource cost
The deregulation of the airlines industry lead to which of the following?
a. Higher prices and more flyers b. Lower prices and fewer flyers c. Lower prices and more flyer d. Higher prices and fewer flyers
"The water that comes out of your faucets at home is not supplied by a competitive firm.". Explain why this statement is correct