Which of the following explains the relatively high growth rate of output in China since 1980?
A) accumulation of capital
B) technological progress
C) a transition from central planning to a market economy
D) all of the above
C
Economics
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Suppose the principal offers to share a percentage of the profit with the agent. Such a contract
A) will yield the same income for the agent as a hire contract would. B) is incentive compatible. C) creates a production inefficiency. D) would not be acceptable to any agent.
Economics
The underground economy includes: a. only illegal sources of unreported income
b. both legal and illegal sources of unreported income. c. both legal and illegal sources of reported income. d. payments that are reported to the government.
Economics