By the late 1970s,
A. Russia began reforms which eventually transformed it to a more market-oriented economy.
B. China began reforms which eventually transformed it to a more market-oriented economy.
C. Russia and China were both quickly becoming market-oriented economies.
D. None of the choices are true.
B. China began reforms which eventually transformed it to a more market-oriented economy.
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Suppose the demand for a good is currently unit elastic over the relevant range. Then the producer of a substitute good goes out of business and stops producing it. As a result, demand over that range is now likely to be a. Unit elastic
b. Relatively elastic. c. Relatively inelastic. d. Perfectly inelastic.
National income accounting does not include the depreciation on what types of items?
a. buildings b. vehicles c. depletion of natural resources d. machinery
The Federal Reserve was established in 1913 to
A) prevent inflation by decreasing the money supply. B) stimulate the economy by increasing bank reserves. C) stop bank panics by acting as a lender of last resort. D) prevent bad loans by requiring banks to hold reserves.
If labor and capital are substitutes in production, then an increase in the amount of capital will
a. reduce the total product associated with each quantity of labor. b. decrease the marginal product of labor. c. increase the marginal product of labor. d. have no effect on labor productivity.