In Mexico

question 73

Multiple Choice

In Mexico

• A) the fascistic PRI seized power in 1926
• B) a thirty-year search for commercially successful oil fields ended in failure in 1935.
• C) the Cárdenas government nationalized the foreign oil companies' holdings and provided millions of acres of land to landless peasants.
• D) Diego Rivera invented the transistor in 1936.
• E) a devastating famine killed one-quarter of the population between 1933 and 1936.

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Definitions:

Majority Vote

A decision rule where the option that receives more than half of the votes wins, commonly used in elections and other decision-making processes.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, leading to a potential welfare loss.

Government Failure

A situation where government intervention in the economy causes inefficiencies or leads to a misallocation of resources.

Government Intervention

Actions taken by a government to affect or control various aspects of the economy, such as regulations, subsidies, tariffs, and taxes to correct market failures and promote economic stability.