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

Explain the concept and implications of creative destruction in market dynamics.

Recognize the factors affecting the life expectancy of U.S. businesses and the impact of competition.

Understand how advancements in production technology affect competition among firms.

Describe the relationship between long-run supply curve elasticity and industry costs.

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Definitions:

Primary Responsibility

The main duty or obligation that an individual or entity is expected to perform or uphold.

Regulate Distress

The process of managing and mitigating emotional or psychological stress through various techniques or interventions.

Adaptive Approach

A method or strategy that emphasizes flexibility and the ability to change or adjust in response to the environment, challenges, or circumstances.

Adaptive Challenges

Complex problems that require new learning, innovation, and changes in people's values, beliefs, and behaviors.