ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
investing billions
|
|
|
still remains lower
|
|
|
who takes risks
|
|
|
lot of regulations
|
|
|
lower in Europe
|
Detailed explanation-1: -The decline of the Soviet economy is sometimes explained by exoge-nous shocks, like the troubles in the oil industry, the coal strike in the first quarter of 1990, the collapse of trade with Eastern Europe following its liberation, the plant shutdowns for environmental reasons, and the regional frictions in the USSR.
Detailed explanation-2: -The Soviet economy was characterized by state control of investment, a dependence on natural resources, shortages of many consumer goods, little foreign trade, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security.
Detailed explanation-3: -During its nearly seven decades of existence from 1922 to 1991, the Union of Soviet Socialist Republics was one of the two major communist powers – the other being China – that followed the centralized planning model for its economy, a basic tenet of communism.
Detailed explanation-4: -In Soviet times, industrialisation was considered a great feat. The rapid growth of production capacity and the volume of production of heavy industry (4 times) was of great importance for ensuring economic independence from capitalist countries and strengthening the country’s defense capability.