Exam 2: Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Shortages of a particular good can be expected to lead to rising prices and increased production for that good in a market economy

The Following Questions Refer to the graph below. -When price is $10,how much will be sold in the market?

Mao Zedong started China's transition to a market economy

Given a downward-sloping demand curve and an upward-sloping supply curve,an increase in supply together with an increase in demand will cause the

A market with only one seller of a product that has no good substitutes is called

If the price of film increases at the same time the cost of camera production increases,what will happen to the equilibrium price and quantity in the camera market?

Blocked entry is essential for a purely competitive market

In a market economy,price fluctuations indicate there is a lack of effective competition

Suppose the United Auto Workers union successfully lobbies Congress to enact an import quota on all foreign cars imported into the U.S.Which of the following is most likely to occur in the U.S.?

The Chinese Communist Party favored production in the heavy industry sectors of the economy

When both supply and demand increase,price and quantity will increase

The Following Questions Refer to the graph below. -The demand curve and supply curve for beef are DD and SS.Which of the following could NOT cause demand to shift to D₁D₁?

Under the Great Leap Forward,the task of determining how much to produce fell on the State Planning Commission

An increase in the wages of orange pickers will have what effect in the market for oranges?

The Following Questions Refer to the graph below. -If the market starts in equilibrium with D₁ and S₁,and equilibrium price and quantity increase to $10 and 65,which of the following could have caused the change?

Following the establishment of a Soviet style society in 1949,the State Planning Commission was created by

From a standpoint of resource allocation, a surplus of corn implies

An increase in consumer income can either increase or decrease demand for a good

If an increase in the price of bicycles leads to an increase in the demand for bus transportation,the bicycles and bus rides must be

Since 1990,China's growth has been