Analysts that favor a fast transition to market economies argue that China's success with a gradual transition is a special case because
A) its trade flows were relatively large.
B) so much of its labor force was in agriculture.
C) heavy industry already had a strong foothold when the transition began.
D) its coastal areas were already relatively well developed.
E) its labor force was relatively well educated.
B
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Externalities could be eliminated from society if it were not for the existence of
A) conflicting interests. B) government. C) private property. D) selfishness E) transaction costs.
Free exit implies that
A. a perfectly competitive firm can never earn a profit. B. firms will always earn below normal profit, as firms can exit the industry at any time they like. C. if an industry's existing firms make excessively high losses, firms are likely to exit the industry. D. the government regulates the number of firms it allows in an industry.