What lesson for Chinese economic reform?
a. Economic liberty comes before market institutions
b. Authoritarian regimes are good at initiating reforms
c. Deng placed economic reforms before political reforms
d. China has the one child-family policy.
e. All of the above
A
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The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $300 a piece, what is the efficient quantity to produce?
A) 0 B) 1 C) 2 D) 3
When supply and demand for a product decrease simultaneously, we
A) can predict that both equilibrium price and quantity will increase. B) can predict that both equilibrium price and quantity will decrease. C) cannot predict equilibrium price, but know that equilibrium quantity will decrease. D) cannot predict the change in either the equilibrium quantity or equilibrium price.