What Was the Alternative Strategy for Development That Emerged with the Establishment

question 58

Multiple Choice

What was the alternative strategy for development that emerged with the establishment of the Soviet Union in 1917 and which spread after World War II to eastern Europe, China, and Cuba called?

• A)State socialism
• B)Totalitarianism
• C)Laissez-faire capitalism
• D)Theocracy

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Definitions:

Production Possibilities Curve

An illustrative chart that depicts the optimal mix of two goods or services that can be produced by an economy when it fully and efficiently employs all available resources.

Society's Production

The total output of goods and services produced by all sectors within a society or economy.

Capital Goods

Long-term assets such as machinery, buildings, and equipment purchased by companies to produce goods and services.

Consumer Goods

Consumer goods are products bought by individuals or households for personal use, such as clothing, food, and household items.