The Soviet socialist economy fell apart primarily because:
A. it was based on barter rather than monetary exchange.
B. markets failed to develop.
C. workers lacked incentives to work and production was inefficient.
D. individuals are not motivated by self-interest.
Answer: C
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In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by 5%; remain unchanged; remain unchanged B) increase by less then 5%; decrease; increase C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
If desired spending exceeds output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.
Central Bank or called Fed
What will be an ideal response?
The completion of the American national railroad network in the second half of the 19th century led to all of the following except
A. that it enabled manufacturers to sell their products all over the country. B. mass consumption. C. increased prices of goods sold which led to more investment and more jobs. D. higher wages.