Which statement is false?
A. Under Soviet communism, government planning was substituted for the price mechanism.
B. The entire Soviet economy was a Rube Goldberg contraption of subsidies, fixed prices, bureaucratic rules and regulations, special privilege, and outright corruption.
C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century.
D. None of the statements are false.
C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century.
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007, when the CPI was 172, then
A) the price of the soda was greater in real value in 1970 than in 2007. B) prices on average have increased 567 percent. C) the price of a soda has increased a greater percentage than the CPI. D) prices on average have increased 244 percent. E) the real price of a soda is the same in 1970 and 2007.
Consumer equilibrium exists when the marginal utility per dollar of expenditure is the same for all goods and services
a. True b. False Indicate whether the statement is true or false