Following the Collapse of the Command Socialist System in 1991

question 116

Multiple Choice

Following the collapse of the command socialist system in 1991, prices in Russia:

• A) increased by as much as 10-fold in 6 months.
• B) shot up because banks made too many loans and increased the money supply too much.
• C) increased rapidly during the transition because price floors had been set too low; once price liberalization began, they subsequently rose very rapidly.
• D) fell as fear of the future led Russian consumers to reduce their consumption.

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Definitions:

Age of Majority

The legal age at which an individual is considered capable of entering into contracts and other legal bindings, marking the transition into legal adulthood.

Necessity

A concept in law and ethics that allows for actions under exceptional circumstances, typically for immediate need or survival.

Restitution

The act of compensating for loss, damage, or injury caused, typically in legal contexts.

Indivisible

Pertaining to something that cannot be separated or divided into parts without losing its essential features or functionality.