China’s rapid increase in the rate of productivity growth cannot be attributed to
A. a greater investment toward education than in consumer goods.
B. initial innovation rather than imitation of technology.
C. sending many Chinese students to universities in other countries.
D. improvements in its educational system.
Answer: B
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In a market for apples, a consumer purchases 30 pounds when the price of apples is $1 per pound and the consumer's income is $5,000 per month
When the price of apples increases to $2 per pound, without any change in the consumer's income, he decides to purchase only 15 pounds of apples. Suppose, after a given period of time, the consumer's income falls to $3,000 per month. His consumption of apples also decreases to 10 pounds. Using a graph, illustrate the difference between change in quantity demanded and the change in demand for apples.
During a recession the Keynesian consumption theory predicts that the savings rate will ________ and the ________ theory that savings rate will ________
A) fall; PIH; fall B) fall; LCH; fall C) rise; PIH and LCH; fall D) rise; PIH and LCH; rise
Diseconomies of scale are most likely at very low levels of output
a. True b. False Indicate whether the statement is true or false
Quality information for goods that are sold online:
A. is available from ratings given by other buyers. B. is of no value because anyone can write anything on the Internet. C. is unavailable because online sellers cannot be identified with certainty. D. is ineffective at reducing asymmetric information problems.