Which of the following contributed to the downfall of the Soviet Union in 1991?
A) the lack of a strong dictator who could coordinate economic activities
B) an overabundance of high-quality goods and services
C) an inability to produce low-cost consumer goods that households wanted
D) government dissatisfaction with high living standards and political freedom
C
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Margaret Thatcher, the prime minister of Great Britain in the 1980s introduced a new system to replace local government taxes
The rates were replaced by the Community Charge or 'Poll Tax', which applied the same amount to every individual resident, with an 80% reduction for the unemployed. Inspite of the fact that this tax was unpopular and was eventually repealed can you think of any reason why it could be characterized as efficient? Can you think of any way that this tax could be evaded?
Since Social Security benefits are paid from current contributions, the system is a
A) privatized system. B) overfunded system. C) "pay-as-you-go" system. D) defined contribution system.
In the Cournot model, if the products are differentiated,
A) this reduces the pressure of one firm's decisions on the other. B) this increases the pressure of one firm's decisions on the other. C) there is no difference between this model and one with homogeneous goods. D) marginal costs are necessarily different.
During the colonial period, commodities that could only be exported legally to Britain were known as _______
a. Foxwell goods. b. tariff goods. c. scot-free goods. d. enumerated goods.