When the Output of Collective Farms and Private Plots Were

question 26

Multiple Choice

When the output of collective farms and private plots were compared,

• A)the collective farms were more productive.
• B)the private plots were more productive.
• C)there was little difference between the two.
• D)the output depended on the relationships within the group.

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Definitions:

Equilibrium

A state of balance in a market or system where opposing forces cancel each other out and no changes occur over time.

Price Floor

A government- or body-imposed price control or limit on how low a price can be charged for a product.

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded at the current price.

Law of Supply

A fundamental principle of economics that states that, all else equal, an increase in price results in an increase in the quantity supplied, and vice versa.