Describe China's reform path, including the forces that started China's reform efforts and how they continued through the 1980s and early 1990s

What will be an ideal response?

A long period of instability and disappointment with the economic results achieved under communism led to reform to create more wealth to distribute; it has been a gradual, steady dismantling of the controls exercised by the state and party over the economy. The first reforms were in agriculture, allowing more individual ownership and control over plots of land. Trade was gradually opened through special economic zones. Eventually other regions pushed for similar policies. China applied to join the WTO in 1986 and joined after a protracted period of negotiations which probably kept economic reforms moving forward.

Economics

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The distribution of wealth is skewed because more families are below the average level of wealth than are above

Indicate whether the statement is true or false

Economics

For good A and good B, the consumer maximizes personal satisfaction when

A) MUA/PA = PB/MUB. B) PA/MUA = PB/MUB. C) MUA/PA = MUB/PB. D) MUA/MUB = PA/PB.

Economics