Who was the leader that introduced communism and central planning to the former Soviet Union?

a) Karl Marx
b) Joseph Stalin
c) Vladimir Lenin
d) Friedrich Engels


Ans: c) Vladimir Lenin

Economics

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For a monopolist, total revenues will:

A. increase and eventually decrease as output increases. B. decrease and eventually increase as output increases. C. always increase as output increases. D. always decrease as output increases.

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Which of the following is an example of in-kind transfer?

a. Social security benefits b. Food stamps c. Disability pensions d. Unemployment compensations e. Earned income tax credit

Economics

Inferior goods typically obey the law of demand because the substitution effect tends to dominate the income effect

a. True b. False

Economics

When the economy is in equilibrium, there will be no unemployment

Indicate whether the statement is true or false

Economics