Over the last three decades, the Chinese government has adopted a series of market-oriented reforms that have shifted control of many parts of the Chinese economy from government officials to private individuals. These reforms have most likely stimulated China's growth for which of the following reasons?
A. They have decreased domestic competition.
B. They have increased economies of scale.
C. They have provided individuals with a greater incentive to be efficient.
D. They have decreased entrepreneurship.
Answer: C
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Total income is always equal to ________ expenditures; but only in equilibrium is it equal to ________ expenditures, producing in equilibrium ________ on income to change
A) actual, planned, pressure B) actual, planned, no pressure C) planned, actual, pressure D) planned, actual, no pressure
The use of tax penalties to control pollution represents a
A. price-based market approach to the pollution problem. B. nonmarket approach to the pollution problem. C. major source of current federal revenues. D. pollution-rights solution to the pollution problem.
A major factor in changing levels of imports in an open economy is:
a. real international rates of interest. b. relative international price levels. c. a change in a nation's disposable income. d. a change in transportation costs.
What are the costs and benefits of foreign trade?
What will be an ideal response?