Explanations for the high precautionary savings in China includes all of these except:
A. lifetime employment and guaranteed state pensions.
B. China's limited social safety net provides most people with little protection against health problems and medical costs.
C. higher prices for things such as housing and education.
D. the many uncertainties associated with changing economic institution and society as a whole.
Answer: A
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A) firms hire more workers B) the number of retired people in an economy increases C) the capital stock of an economy decreases D) the rate of unemployment increases
Why do some utilities have an incentive to exaggerate their costs of production?
What will be an ideal response?
A lighthouse is a public good
A) because it doesn't cost any more to light the way for 105 ships than it does to light the way for 104 ships, but for no other reason. B) because there is no way to prevent those who haven't contributed to the lighthouse from seeing better because of it, but for no other reason. C) because the government produces it, and for no other reason. D) for the reasons in A and B together. E) for the reasons in A, B, and C together.
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