As China switches from catch-up growth to discovery-based growth, the pace of worldwide discoveries will increase and this will raise living standards
a. in the countries that China trades with.
b. in China and its neighboring countries.
c. in the United States
d. in China
e. in all countries
E
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This table shows the demand and supply schedule of a good.
According to the table shown, at a price of $2.00 quantity demanded:
A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.
The government’s role in a laissez-faire system includes
A. determining market prices B. constructing and maintaining roads and infrastructure C. determine the levels of profits earned by firms D. impose minimum wages
A decrease in the availability of an important major resource such as oil shifts
a. aggregate supply right. b. aggregate supply left. c. aggregate demand right. d. aggregate demand left.
Combining the idea of freedom from constraint with well-intentioned guidance leads to:
A. purposeful behavior. B. incentive compatibility problems. C. market failure. D. libertarian paternalism.