All of the Following Is True of the Great Reforms

question 19

Multiple Choice

All of the following is true of the Great Reforms initiated by Alexander II EXCEPT:

• A) The Tsar was convinced of the need for reform by Russia's defeat in the Crimean War.
• B) The Tsar believed that Russia had lost in war because of inferior technology and a lack of infrastructure.
• C) The Tsar made the mistake of waiting until he could gain the support of the economic and intellectual elite before implementing the reforms.
• D) The Tsar believed that the unwillingness of serf-owning aristocracy to shift to market agriculture had had a depressing effect on the economy

Differentiate between microeconomics and macroeconomics and their respective roles.

Recognize the uses and limitations of GDP as a measure.

Distinguish between final and intermediate goods in the context of GDP calculation.

Comprehend the relationship between an economy's income and expenditure.