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.
B
You might also like to view...
How are final goods and services valued when measuring nominal GDP?
A) at producer cost B) at base year prices C) at foreign exchange parity D) at current market prices E) at factor market prices
In a perfectly competitive market, the market supply curve is
a. the marginal cost curve above average total cost for a representative firm. b. the horizontal sum of all the individual firms' supply curves. c. the vertical sum of all the individual firms' supply curves. d. always a horizontal line.