U.S. television reports in the 1970s and 1980s showed citizens in the Soviet Union standing in long lines to buy bread and other necessities in stores with nearly bare shelves. What led to this situation?
A) the inability of government central planners to adequately anticipate consumer demands
B) lack of resources to produce adequate supplies of needed goods
C) high taxes forcing producers such as bakeries out of business
D) a "brain drain" of businesspeople who could anticipate and meet consumer demand
E) private business owners "creating" scarcity to force up prices
Answer: A
Explanation: A) Government-set prices under communism did not offer an accurate picture of supply and demand, leading to faulty central planning on production.
You might also like to view...
Narrative 11-2Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Refer to Narrative 11-2. Brian Jones is selling his house. He has a choice of taking $125,000 today, or $135,000 in 6 months. He can invest at the Valley Bank at 18% interest compounded semiannually. a.Which offer should he take?b.How much more money would he realize on the sale of the house by taking this offer?
What will be an ideal response?
According to the text, you usually get what you deserve, no matter how you negotiate
Indicate whether the statement is true or false
The sum of all the depreciation expense recorded to date for a depreciable asset is called ________
A) book value B) residual value C) depreciation expense D) accumulated depreciation
Internationally, door-to-door selling is growing in popularity and, in the U.S., it accounts for more than 15 percent of all retail sales.
Answer the following statement true (T) or false (F)