A change in monetary policy affects
A) consumption expenditure, government expenditures on goods and services, and net exports.
B) consumption expenditure, productivity, and net exports.
C) government expenditures on goods and services because it affects the government's budget balance.
D) consumption expenditure, investment, and net exports.
E) investment, government expenditures on goods and services, and net exports.
D
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The Chinese economic reforms of 1978 opened China to international trade and investment. These reforms gave China access to new capital and technology, which
A) allowed China to decrease its capital-labor ratio and increase labor productivity. B) increased China's total factor productivity and standard of living. C) accelerated Chinese productivity to a level where Chinese real GDP per capita is now on par with that in the United States. D) rapidly increased productivity in China and convinced Chinese officials to expand the reforms to include complete privatization of its financial system.
If a market is narrowly defined, a product is likely to have fewer substitutes and demand for the product will be less elastic
a. True b. False Indicate whether the statement is true or false