Special economic zones in China have been
A) the same as export processing zones.
B) centers of economic reform.
C) controlled by state run enterprises.
D) closed to foreigners.
E) poor regions that are targeted for industrial development.
B
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Which of the following characterizes the market that Chipotle competes in?
A) "Fast-casual" restaurants sell identical products. B) All "fast-casual" restaurants face horizontal demand curves. C) Barriers to entry are low. D) There are a small number of firms.
According to the misperceptions theory, an anticipated 10% decrease in the money supply leads to a short-run reduction in the price level of
A) 0%. B) 5%. C) some amount between 0% and 10%. D) 10%.
Which of the following is the best explanation for why President Harry Truman once said that he wanted to find a one-armed economist?
a. President Truman received input from so many economists that he only wanted one view from each. b. President Truman thought economists should analyze policies but not make or enforce them. c. Economists understand that most policy decisions involve trade-offs so they are likely to present multiple views of policies. d. A one-armed economist would conduct only positive analysis and no normative analysis.
Why does perfect competition guarantee a Pareto optimal distribution of goods between two people? Under perfect competition,
A) everyone has the same preferences. B) everyone faces the same prices. C) everyone consumes the same quantity of both goods. D) goods are homogeneous.