When the Soviet Union Began Breaking Up in the Late

question 78

True/False

When the Soviet Union began breaking up in the late 1980s, cigarettes began replacing the ruble as the medium of exchange even though the ruble was legal tender. The cigarettes provide an example of commodity money.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at that price.

Productivity

The efficiency with which input resources are converted into outputs, often measured as the amount of goods or services produced per unit of input.

Wages

The monetary compensation paid by an employer to an employee in exchange for work performed, often specified in terms of hours, weeks, or tasks completed.

Factor Demand

The demand for input factors by businesses that are required to produce goods or services.