Enterprise managers and workers in the Soviet Union often resisted innovations in production methods because:
A. production targets were often increased when innovation occurred.
B. there was a chronic shortage of computers.
C. workers could not be reallocated geographically.
D. innovations ordinarily increased dependence on world markets.
Answer: A
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Originally considered by economist Robert Mundell, decades later, in 2001, Europe adopted a new common currency now known as:
A) the euroyen, ¥. B) the eurodollar, $. C) the europa, . D) the euro, €.
The internal rate of return of an investment is:
A. zero when the present value of an investment equals its cost. B. the interest rate that equates the present value of an investment with its cost. C. equal to the market rate of interest when an investment is made. D. the same as return on investment.
The moving assembly line reduced the amount of time it took to build a Model T from over 12 hours to less than 2 hours. This is an example of
A. productivity-enhancing innovation. B. a quality-of-life innovation. C. the creation of new services. D. the creation of new goods.
Assume leisure is a normal good. The substitution effect of a wage increase implies a ________ demand for leisure and a ________ labor supply.
A. lower; higher B. higher; lower C. lower; lower D. higher; higher