China's economy was much more agricultural than Russia's, and observers believe this aided its economic transition
Indicate whether the statement is true or false
TRUE
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The problem with allocating income according to productivity is that some people have difficulty earning income
a. True b. False
Crowding out can best be defined as
a. higher interest rates caused by restrictive monetary policy, which reduces investment. b. higher interest rates caused by restrictive monetary policy, which increases saving and reduces consumption spending. c. government budget deficits causing a drop in private borrowing because of higher interest rates. d. government budget deficits causing a drop in interest rates, which reduces private saving.
Which of the following statements is not correct?
a. Reducing taxes on interest income might encourage people to save more. b. Reducing taxes on interest income might reduce saving. c. A price increase will create income and substitution effects that will both always work to reduce consumption of the good. d. Utility is maximized when the marginal rate of substitution between any two goods equals the relative prices of the two goods.
What is the deadweight loss due to profit-maximizing monopoly pricing under the following conditions: The price charged for goods produced is $10 . The intersection of the marginal revenue and marginal cost curves occurs where output is 100 units and
marginal revenue is $5 . The socially efficient level of production is 110 units. The demand curve is linear and downward sloping, and the marginal cost curve is constant.