Which of the following contributed to the downfall of the Soviet Union in 1991?
A) government dissatisfaction with high living standards and political freedom
B) an inability to produce low-cost consumer goods that households wanted
C) an overabundance of high-quality goods and services
D) the lack of a strong dictator who could coordinate economic activities
Answer: B
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Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to consume when real disposable income equals $14,000?
A) 0.91 B) 1.1 C) 0.09 D) 0.7
The formula for calculating the cross price elasticity of demand is: a. the change in the quantity demanded of one good divided by the change in the price of another good
b. the percentage change in demand of one good divided by the percentage change in the price of another good. c. the percentage change in the quantity supplied of one good divided by the percentage change in the price of another good. d. the percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.