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.
c
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Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off. We can conclude that this outcome
a. cannot be a Nash equilibrium. b. must be Pareto optimal. c. will not occur when the players use mixed strategies. d. is a Stackelberg equilibrium.
When a firm faces a labor supply curve that is upward sloping, the firm must
A) offer a higher wage if it wishes to hire more workers. B) pay a wage that exceeds the value of marginal product. C) pay a wage that does not exceed the minimum wage. D) maximize the amount of labor that it hires.
Although the GATT was supported by most of the countries of the world, yet global trade shrank during the close of the last decade. This was due to:
a. growing suspicion among the nations of the world. b. hyperinflation in the major economies of the world. c. the recession which began in 2007. d. political turmoil in the Asian countries. e. the desire among the major players to dominate the international market.
Open market bond sales can be conducted either by the Federal Reserve or the Treasury Department, and either way the result is the same
a. True b. False