Scenario: Learning the American Way
Sergei Chernovl is a Russian exchange student. To learn more about how a market economy functions, Sergei is conducting research comparing businesses in Russia with businesses in the United States.
Sergei learns that an important aspect of market-based economies is the private ownership of companies. As Russia goes through the privatization process, it aims to ________.
- increase tax revenues
- improve military defense
- increase social welfare
- increase economic efficiency