Villagers in Xiaogang, China, produced more rice than those in surrounding villages because:
a. they had better farmland.
b. they were given better seeds.
c. they were able to keep the output they produced individually.
d. they made each family responsible for a certain, higher quota of rice production.
e. they had common ownership over the rice produced.
c
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The opportunity cost of hold real money balances is the:
A) interest rate. B) price level. C) all of the above. D) none of the above.
The elasticity approach to measuring the sensitivity of quantity demanded to changes in price differs from using the slope because the elasticity approach calculates the ratio of the
a. absolute change in price to the absolute change in quantity demanded b. absolute change in quantity demanded to the percentage change in price c. absolute change in quantity demanded to the percentage change in price d. percentage change in quantity demanded to the percentage change in price e. average change in price to the average change in quantity demanded