Chinese leader Deng Xiaoping began what process in the 1980s?
A. Moving the economy toward central planning
B. Globalization
C. Shifting away from a centralized economy
D. The Chinese cultural revolution
Answer: C
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In the textbook, economics is defined as the science of
A) money and business. B) choices. C) scarcity. D) price. E) individuals' actions.
For the purposes of GDP accounting, government purchases
A) include transfer payments. B) are considered part of investment. C) include wages and benefits paid to government workers. D) are considered part of consumption.
Economists generally believe that
a. buyers and sellers have all the information they can use b. additional information is costly to acquire c. decision makers have complete knowledge of all the alternatives available d. economic decisions result from random behavior e. decision makers never make mistakes
In economic theory, we assume that the goal of the firm is to:
a. maximize sales revenue. b. maximize market share. c. maximize the benefits it provides to its customers. d. maximize the profit. e. maximize the sales volume.