What lesson for Chinese economic reform?
a. Economic liberty comes before market institutions
b. Authoritarian regimes are good at initiating reforms
c. Deng placed economic reforms before political reforms
d. China has the one child-family policy.
e. All of the above
A
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Economic reasoning suggests that individuals should spend little time learning about election candidates and other electoral issues because:
a. marginal benefit is zero. b. the information cost is too high compared to the benefit to the individual. c. information is easily available. d. the result of the election are unlikely to have a serious impact on a market-driven economy.
The implementation lag for monetary policy is
A. the same length as the recognition lag for monetary policy. B. the same length a the implementation lag for fiscal policy. C. longer than the implementation lag for fiscal policy. D. shorter than the implementation lag for fiscal policy.
Tina withdraws $20,000 from her money market account to start up her own house cleaning business. Over that time, the account would have earned 3 percent interest. In order to properly account for all costs of her business, Tina must not forget:
A. the opportunity cost of $2,600. B. the opportunity cost of $600. C. the fixed cost of $20,600. D. the fixed cost of $20,600 and the opportunity cost of $600.
Which of the following is not an example of an oligopolistic barrier to entry?
a. diseconomies of scale b. legal restrictions c. advertising and brand proliferation d. high start-up costs e. control over an essential resource