Collectives in the Soviet Union were inefficient producers of agricultural products. Why?
(A) The farms were too small to produce substantial crops.
(B) Most farmers were poor and ad to pay for their own equipment, seeds, and fertilizer out of their own pockets.
(C) Soviet central planners ignored the farms in favor of factories producing consumer goods.
(D) Farm workers had guaranteed incomes, so they had few incentives to produce more or better crops.
Ans: (D) Farm workers had guaranteed incomes, so they had few incentives to produce more or better crops.
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Unlike a perfectly competitive firm, a monopolist faces a demand curve that is
A) upward sloping. B) horizontal. C) vertical. D) downward sloping.
Assume an economy experiences, for a given period, a 4% increase in output and a 2% increase in productivity. Given this information, we know that which of the following occurred for this economy during this period?
A) The unemployment rate increased during this period. B) The unemployment rate decreased during this period. C) The unemployment rate did not change during this period. D) The effects on the unemployment rate are ambiguous. E) none of the above