After its reforms in the late 1970s, China followed a policy of
a. Nationalization of all enterprises
b. export of technology
c. free economic zones
d. import substitution
e. industrial planning
C
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The opportunity cost of an action is
A) everything that makes an action possible. B) the monetary payments that make an action possible. C) the sum of the human efforts that contribute to an action. D) the value of the next-best alternative that must be sacrificed to take the action.
Inefficient use of resources is shown on the production possibilities curve
A) by an inward shifting of the curve. B) by a point inside the curve. C) by a point near the top of the curve. D) by a point outside the curve.
If Ripco owns the building where it operates, then if
a. the firm pays no rent, there is no opportunity cost b. the firm does not rent the building to anyone else, there is no opportunity cost c. the firm pays no rent, there is an opportunity cost d. its usage of the building precludes it from renting to anyone else, there is an opportunity cost e. the firm could use the building for other things, there is no opportunity cost
Which of the following changes would cause American net exports to decrease?
A. An increase in foreign income B. A decrease in American income C. A shift in demand by American consumers away from domestically produced goods D. A decrease in the real value of the dollar