Boris Yeltsin was succeeded as President of Russia by Vladimir Putin.
Indicate whether this statement is true or false.
Q. 2The government of Denin owns most of the profitable industries in the country that provide jobs, goods, and services to its citizens.
The government determines the production rate and prices of products in the market to prevent market failures. The government also restricts imports to help domestic industries. Hence, Denin represents a ________.
A. liberalist state
B. laissez faire economy
C. free market economy
D. capitalist state
E. command economy
Q. 3Which of the following market failures is a consequence of increasing returns to scale by a particular company?
A. externality
B. failure to provide public goods
C. information asymmetry
D. sustainability issues
E. monopoly
Q. 4The Russian presidency occupied by Boris Yeltsin was created at the same time as Mikhail Gorbachev's Soviet presidency.
Indicate whether this statement is true or false.
Q. 5________ is a form of market failure which refers to an action of an individual or organization that affects the welfare of others, whether on purpose or not.
A. Collective action problem
B. Sustainability
C. Externality
D. Marketing myopia
E. Constant returns to scale
Q. 6The electronics market in Tunica is completely dominated by JC Inc., a company that manufactures electronic components and gadgets. The company produces most of the essential goods in large quantities and has no competition.
The company has recently
increased the prices of its products because of their high demand and this is affecting
the consumers adversely. This type of market domination by a single firm represents a
market failure referred to as ________.
A. externality
B. monopoly
C. information asymmetry
D. bankruptcy
E. marketing myopia
Q. 7As part of Gorbachev's package of reforms for the new Soviet government in 1989 he called for the creation of a new executive president.
Indicate whether this statement is true or false.
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