China's economic reforms have focused on
A) privatizing state-owned enterprises and increasing efficiency.
B) reducing persistent inflation and current account deficits.
C) transitioning from socialism and toward private ownership.
D) reducing exchange rate instability.
C
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Answer the following statement(s) true (T) or false (F)
1. The copycat game does not have a pure strategy Nash Equilibrium. 2. When mixed strategies are allowed, the Copycat Game does have a Nash equilibrium. 3. Nash equilibrium is a normative concept. 4. For an outcome to be Pareto optimal, the players' total payoff must be as large as possible. 5. If either player is receiving his maximum payoff, then that outcome is Pareto optimal.
The unemployment rate
A) rises during times of rapid economic growth and falls during times of slow economic growth. B) rises during recessions and falls during booms. C) rises during booms and falls during recessions. D) tends to remain the same in booms and recessions.
Suppose the only three existing manufacturers of video game players signed a written contract by which each agreed to charge the same price for products and to distribute their products only in the geographical area assigned them in the contract. This
best describes: A. cost-plus pricing. B. multiproduct pricing. C. a cartel. D. price leadership.
Recall the Application about productivity in the nation of Latvia in the 1990s to answer the following question(s). According to this Application, in the 1990s the European Community had ________ in the production of all products compared to Latvia.
A. an absolute advantage and a comparative advantage B. an absolute advantage but not a comparative advantage C. a comparative advantage but not an absolute advantage D. neither an absolute advantage nor a comparative advantage