All of the Following Are Characteristics of Communist Countries Such

question 149

Multiple Choice

All of the following are characteristics of communist countries such as Cuba except

• A) the intensive production of goods the government needs.
• B) prices established by the state.
• C) centralized state planning.
• D) government ownership of almost all economic resources.
• E) an adequate supply of consumer goods.

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Definitions:

Salvage Value

An asset's remaining worth estimated at the conclusion of its life of use.

Book Value

Book value is the net value of a company's assets found on its balance sheet, and it is calculated by subtracting liabilities from the total value of assets.

Double-declining-balance

An accelerated method of depreciation which doubles the normal depreciation rate, reducing the asset's book value more quickly.

Salvage Value

The forecasted price an asset will fetch at the time of sale once its period of usefulness is over.