Refer to Figure 29-1. The appreciation of the dollar is represented as a movement from
A) C to A. B) C to B. C) D to C. D) B to A.
C
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Villagers in Xiaogang, China, produced more rice than those in surrounding villages because:
a. they had better farmland. b. they were given better seeds. c. they were able to keep the output they produced individually. d. they made each family responsible for a certain, higher quota of rice production. e. they had common ownership over the rice produced.
In 2015, you buy a beautiful vintage 1965 Thunderbird convertible. This purchase would
a. be included in the GDP for 2015. b. not be included in the GDP for 2015. c. be included in both the GDP for 1965 and 2015. d. be in the GDP for 2015 at a depreciated value.
The best method to reduce pollution is
A) to never start polluting. B) to establish private property rights. C) dependent upon the characteristics of the resources and the transaction costs. D) dependent upon the quality of government bureaucrats and the level of greed in the society.
Which of the following statements is false?
A. The short run refers to a period of less than one year B. In the long run, all inputs can vary C. Firms may continue operating at a loss in the short run D. In the long run, firms would not continue operating at a loss