In a Command Economy Like the Old Soviet Union, One

question 61

Multiple Choice

In a command economy like the old Soviet Union, one is able to improve one's lot and get ahead in society largely through:

• A) Entrepreneurship and risk-taking
• B) Innovation and profits
• C) Participating in the political hierarchy
• D) Getting high prices for one's products and resources

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Definitions:

High Price

The characteristic of goods or services being offered at a cost considered above the average or expected market value.

Nash Equilibrium

A concept in game theory where no participant can gain by unilaterally changing their strategy if the strategies of others remain unchanged.

Advertising Strategy

The plan and tactics a business uses to communicate with its market, promote its products or services, and attract customers.

Prisoners Dilemma

A situation modeled in game theory in which two individuals acting in their own self-interest do not produce the optimal outcome for either party.