The failure of communism in a large number of countries is at least partly explained by
a. the fact that those countries relied absolutely on the invisible hand.
b. the fact that those countries did little or nothing to restrict trade with other countries.
c. the lack of information, on the part of central planners in those countries, about tastes and preferences in their economies.
d. the lack of information, on the part of central planners in those countries, about how much authority the government had in affecting economic outcomes.
c
You might also like to view...
The amount of money people wish to hold shows an inverse relationship to
A) the interest rate. B) their planned near-term purchases. C) the money supply. D) the income tax rate.
Consider the budget line labeled RT in the above figure. What would shift the budget line to RS?
A) a rise in the price of good X B) a fall in the price of good X C) a rise in the price of good Y D) a fall in the price of good Y
Refer to Figure 5-1. The market equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
The use of macroeconomic policies to smooth or moderate the business cycle is known as
A) aggregate demand management. B) aggregate supply management. C) automatic stabilization. D) discretionary policy.