Following the collapse of the command socialist system in 1991, prices in Russia:
A) increased by as much as 10-fold in 6 months.
B) shot up because banks made too many loans and increased the money supply too much.
C) increased rapidly during the transition because price floors had been set too low; once price liberalization began, they subsequently rose very rapidly.
D) fell as fear of the future led Russian consumers to reduce their consumption.

Question

Quizplus · Accepted Answer

Following the collapse of the command socialist system, Russia experienced hyperinflation, with prices increasing dramatically as the government removed price controls and subsidies, leading to a rapid rise in prices.

Following the Collapse of the Command Socialist System in 1991