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

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Question 41

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In 1978,Deng Xiaoping started the process of transitioning China to a "socialist market economy."

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Question 42

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Markets that fall between pure competition and monopoly are called:

A) Anti-competitive
B) Imperfectly competitive
C) Command markets
D) Tweener markets
E) Monopsonistic

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Question 43

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Which of the following descriptions fits the American economy best?

In both the U.S.and Canada,most,but not all,of economic resources are owned and controlled by private parties who make decisions as to how to use those resources with somewhat limited interference from government.As such,these economies are examples of

Fluctuating prices tend to confuse consumers,so prices should be government controlled whenever possible

China's transition to a market economy began in 1990. 117.Command economies introduce incentives for efficient production

An increase in consumer income will have what effect on the equilibrium price and quantity of hot dogs?

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

A student graduates from college and gets a high-paying joB.As a result of the increase in income,the student buys more frozen pizzas.For the student,frozen pizzas must be a(n)

If the demand for a good increases in a monopoly market,price will rise and firms will enter the industry in the long run

15 of the 20 cities with the highest levels of air pollution are in ChinA.

When the entire demand curve shifts out to the right,we say there has been an increase in demand

The Following Questions Refer to the graph below. -If demand and supply shift to D₁D₁ and S₁S₁,market price will be

The Following Questions Refer to the graph below. -If the market is in equilibrium,the price and quantity will be

In response to an increase in the price of beer,Bob reduces his consumption from 3 to 2 beers per day.This

China's growth has been a result of

In the short run,an increase in demand for a good will result in long lines in a command economy

An increase in the demand for gasoline accompanied by a decrease in the supply of gasoline will cause the price to rise,but may cause the quantity purchased to increase,decrease,or remain the same

The Following Questions Refer to the graph below. -Which of the following will cause a change in the demand for beer?

There is an increase in the quantity of pizza purchased but no change in the price of pizzA.Which of the following is most likely to have occurred?