Transition Economies: Checkpoint 1

Quick checkpoint - five questions on transition, shock therapy, privatisation, Russia and sanctions.

Question 1 of 5 What happened to output in almost all transition economies in the early 1990s?

It rose rapidly It fell sharply It stayed the same It could not be measured

Old trade links collapsed and uncompetitive factories closed.

Question 2 of 5 Which country applied shock therapy through the 1990 Balcerowicz plan?

Russia China Poland Kazakhstan

After a painful recession, Poland became a transition success.

Question 3 of 5 What was Russia's loans-for-shares scheme?

A pension programme A scheme where banks lent to the government and kept shares in major firms, creating oligarchs A foreign aid programme A student loan system

The auctions were widely seen as rigged.

Question 4 of 5 Why is Russia's economy so sensitive to oil prices?

It imports most of its oil Oil and gas dominate its exports and a large share of budget revenue It has no oil Oil is banned in Russia

The rouble tends to weaken when oil prices fall.

Question 5 of 5 What was the G7 price cap on Russian oil?

A ban on all Russian oil A rule that Western firms could only provide services for Russian oil sold at or below 60 dollars a barrel A tax on Russian gas A minimum price for oil

Russia responded by using a shadow fleet of tankers.

← Back to Ukraine's Economy at War Next lesson → Central Asia: Kazakhstan, Uzbekistan and Their Neighbours

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