China's economy has grown tremendously from 1979 to the present. The reason for this growth is
A. the introduction of the centrally planned economy in 1978.
B. the introduction of the social networking site, MySpace.
C. the introduction of market-oriented reforms in 1978.
D. the total lack of governmental intervention in the economy.
Answer: C. the introduction of market-oriented reforms in 1978.
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In the equation of exchange, PQ represents: a. the dollar value of all final goods and services sold in a country in a given year. b. the price index times nominal GDP
c. real GDP. d. the price level times the velocity of money
In a planned economy, the means of production are owned by private individuals.
a. true b. false
The experience of the 1930s indicates that substantial tax increases during a severe recession will result in
A) an increase in tax revenues that will lead to a balanced budget. B) a reduction in output and employment. C) smaller budget deficits, which will speed an economic recovery. D) an increase in the incentive to earn.
The Lorenz curve maps:
A. GDP per capita against what people really earn by quintile. B. each quintile of the population in order of income-earned against the average income earned by those people. C. the cumulative percentage of the population against the cumulative percentage of income earned by those people. D. None of these describes what the Lorenz curve maps.