Which statement is true?
A. Private business firms are illegal in China.
B. In China today, there is strict adherence to the communist credo, "From each according to his ability, to each according to his needs."
C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one.
D. None of the statements are true.
C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one.
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A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
A black market is a market in which
A) goods are traded at prices above their legal maximum prices. B) sales taxes are effectively doubled. C) goods are sold at outlet prices. D) sales take place exclusively at outlet prices.
To increase living standards, public policy should
a. ensure that workers are well educated and have the necessary tools and technology. b. make unemployment benefits more generous. c. move workers into jobs directly from high school. d. ensure a greater degree of equality, taking all income-earners into account.
Putting new ideas to work is called
A. invention. B. innovation. C. management. D. MPP.