Social Studies 30-2 Diploma Practice Test 2025 – Your All-in-One Guide to Master Exam Success!

The policy declared by Vladimir Lenin in 1924 to revive the Soviet economy was the New Economic Policy (NEP). This approach was introduced in response to the economic hardships that followed the Russian Civil War and the implementation of War Communism. The NEP allowed for a degree of private enterprise and market mechanisms, which helped stimulate agricultural and industrial production by granting farmers and small businesses more autonomy and encouraging them to contribute to the economy.

This shift was significant because it represented a departure from the radical policies of War Communism, which had prioritized state control and collectivization but had ultimately led to economic stagnation and widespread famine. The New Economic Policy restored some elements of capitalism, which not only revitalized the economy but also bolstered Lenin's power by pacifying dissent among peasants and workers who were discontent with the previous policies.

The other choices reflect different aspects of Soviet economic strategy; the Five-Year Plans were established later to promote rapid industrialization and collectivization, while War Communism was the earlier strategy that preceded the NEP and was characterized by severe state control over all aspects of the economy. Economic Stabilization isn’t a recognized term in this historical context.