Which of the Following Statements Is TRUE? I

question 110

Multiple Choice

Which of the following statements is TRUE? I. China and the Soviet Union tried to centrally plan their entire economies. II. To many people's surprise, including economists, central planning proved successful in Eastern Europe. III. President Nixon ordered gas stations closed on Sunday, an example of central planning.

• A) II and III only
• B) I, II, and III
• C) II only
• D) I and III only

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Definitions:

Differences Arise

Refers to the emergence of disagreements or conflicts in various contexts, including cultural, political, or economic interactions.

Economic Factor

Refers to the various elements that influence the economy of a country, including inflation, unemployment rates, fiscal policies, and international trade.

Industry Conditions

Refers to the current state and dynamics within a specific industry, including competition, regulatory environment, and market trends.

Trade Cycles

Periodic fluctuations in economic activity characterized by phases of boom and bust, affecting international and domestic trade.