China's approach to market development has been
A. pragmatic and gradual.
B. nonexistent.
C. unrealistic and uneven.
D. inefficient and intermittent.
Answer: A
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Cartel agreements are difficult to sustain because:
A. it's usually easy to discover if one of the members has cheated. B. cartel members do not face the economic incentives inherent in a prisoner's dilemma. C. the collective payoff to all the cartel members is lower when they all abide by the cartel agreement. D. it's a dominant strategy for each cartel member to cheat on the cartel agreement.
The following table shows cost data for a perfectly competitive firm.OutputAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$300$100$400$1002150752255031007017060475731488256080140108650901401407431031461828381191572349331381712831030160190361If the product price is $283, the per-unit economic profit at the profit-maximizing output is
A. $152. B. $76. C. $0. D. $112.
In the above figure, which of the figures shows a relationship between x and y with a negative slope?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure B
The figure above represents the production possibilities frontier for a country. a) The nation is currently producing at point B and wants to move to point C
What is the opportunity cost of the move? b) The nation is currently producing at point B and wants to move to point A. What is the opportunity cost of the move?