Which statement is true?
A. Private business firms are illegal in China.
B. In China today, there is strict adherence to the communist credo, "From each according to his ability, to each according to his needs."
C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one.
D. None of the statements are true.
C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one.
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Real business cycle theory emphasizes the effect of ________ on economic performance
A) government spending B) the money supply C) aggregate supply shocks D) tax rates
The money multiplier process is based on the principle of fractional reserve banking
a. True b. False Indicate whether the statement is true or false
An increase in the tax rate can cause total tax collections to fall if:
A. the tax is progressive. B. higher taxes cause individuals to substitute leisure for labor. C. the tax is regressive. D. higher taxes cause individuals to substitute labor for leisure.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.