During the past quarter of a century, which of the following has contributed to the economic growth of China?
a. agricultural reforms adopted in the late 1970s
b. low taxes and deregulation in the special economic zones that were established during the 1980s
c. the relaxation of restraints on foreign trade and joint ventures
d. all of the above
D
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An increase in the supply of wheat in the United States is most likely to result from:
a. A decrease in the amount of subsidies that wheat farmers receive from the government b. An increase in the cost of machinery for harvesting wheat c. An increase in the price of wheat d. A change in farming technology that improves the soil for wheat
Suppose you find that by studying one extra hour for your exam, you can increase your score by 4 points. How many hours of studying do you need it you want to increase your score from 60 to 80 points (assuming that the relationship is linear)?
A. 5 hours B. 6 hours C. 20 hours D. 80 hours
The supply curve will be more inelastic when:
A. inputs to production are scarce. B. firms' response to a price change is limited by the limited capacity of their production facilities. C. a good has many substitutes. D. the firm is experiencing diminishing returns to a variable input.
Corn is produced in a perfectly competitive market. The demand for ethanol decreases. This will cause the individual corn farmer?s marginal revenue to ________ and their profit-maximizing level of output to ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease