Russia chose a slow approach to creating a private economy and China chose a fast approach

Indicate whether the statement is true or false


FALSE

Economics

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At the equilibrium point of a market,

a. supply equals demand. b. neither demanders nor suppliers are satisfied. c. the quantities supplied and demanded are equal. d. suppliers will refuse any price increases offered by demanders.

Economics

Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark should

A) not change his output. B) decrease his output. C) increase his output. D) shut down his ranch. E) probably change his output, but more information is needed to determine if he should increase, decrease, or not change it.

Economics

What's the most efficient way to get from New York to L.A.?

A) By plane B) By train C) By automobile D) By foot E) Any of the above might be, depending on one's circumstances.

Economics

One of the ways of coping with the principal-agent problem is

A) giving orders. B) providing incentive pay. C) shirking. D) using only short-term contracts.

Economics