Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is

A) 0.30. B) 0.55. C) 1.20. D) 1.80.

Economics

Banks will be examined at least once a year and given a CAMELS rating by examiners. The L stands for

A) liabilities. B) liquidity. C) loans. D) leverage.

Economics

Which of the following is NOT an economic resource?

A) money B) low-skilled labor C) coal D) an engineer

Economics

Figure 10-4 shows the industry's supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2).

image
At S1, the firm is

a. preparing to shut down.
b. incurring losses.
c. earning zero economic profits.
d. earning economic profit greater than zero.

Economics