Factors Contributing to the Collapse of Centrally Planned Economies Include

question 71

Multiple Choice

Factors contributing to the collapse of centrally planned economies include all the following EXCEPT ________.

• A) little attention was paid to the task of producing quality goods and services at the lowest possible cost
• B) government ownership of economic resources reduced incentives for people and organizations to maximize the benefits obtained from the resources
• C) economic growth in countries like Hong Kong, Singapore, South Korea, and Taiwan took opportunities away from the centrally planned economies and caused economic distress
• D) would-be consumers in many centrally planned economies were tired of standards of living that had slipped far below those of their counterparts in market economies

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Definitions:

Topsoil

The uppermost layer of soil, which has the highest concentration of organic matter and microorganisms, and is where most plant roots grow.

Productivity

The rate at which goods or services are produced, especially in relation to the input of labor, materials, and energy.

Contour Farming

An agricultural technique wherein farming practices are executed following the natural contours of the land, aimed at reducing soil erosion.

Terrace Farming

An agricultural practice of making flat areas or terraces on hilly terrain to prevent erosion and runoff, improve irrigation, and increase usable farming area.