1. When did China begin the economic reforms that have basically dismantled the socialist economy in China?a. in the early 1950sb. in the late 1970sc. around 2000d. during the Great Depressione....

1. When did China begin the economic reforms that have basically dismantled the socialist economy in China?a. in the early 1950sb. in the late 1970sc. around 2000d. during the Great Depressione. during the Great Leap Forward2. What does the 90-10 rule refer to?a. In village economies, it took 90 percent of the workforce working in agriculture to feed themselves as well as the remaining 10 percentb. At any point in time, about 90 percent of the population are stupid; the other 10 percent understand what is going onc. At any point in time, about 10 percent of the population are stupid; the other 90 percent understand what is going ond. Only 10 percent of the population own 90 percent of the wealth3. Growth in the Soviet Union wasa. always rapidb. always slowc. slow in the early years (1930s) but rapid in later yearsd. rapid in the early years (1930s) but progressively slower in later yearse. virtually non-existent4. Which part of the economy was responsible for the revival of Western European economies after 950 A.D., and again during the revival after 1500 A.D.?a. The agricultural sectorb. The traditional part of the economyc. The market part of the economy involved in traded. The government sectore. The shadow economy5. As a benchmark, how long have most U.S. recessions lasted?a. About 5 monthsb. About 16 monthsc. About 36 monthsd. About 4 yearse. About 10 years6. According to the Soviets, what would determine when a socialist economy would be able to transition to a communist economy?the transition would occur when the soviets were finally able to computerize material balancingthe transition would occur when money disappeared from the economythe transition would occur when people were conditioned to accept the idea of distribution according to needthe transition would occur when Soviet authorities were convinced that world tensions had subsided to the point where communism was possiblethe transition would occur when people were conditioned to accept the merits of Voluntary Exchange7. In capitalism, workers are free to be hired or fired. The same is true of Soviet-style socialism, at least in theory. However, worker mobility in the Soviet Union was de facto (that is, in reality) limited bya. Soviet pricing policiesb. the Soviet government’s monopoly on employmentc. distribution according to needd. the Cold Ware. Material Balancing8. The Soviet Union never produced very many automobiles. This was primarily due toa. the technological backwardness of the Soviet economyb. the fact that automobiles did not meet the subjective value criteria of Soviet consumersc. the lack of interest in capital formation in the Soviet Uniond. the fact that automobiles did not meet the objective criteria of the Soviet leadership and plannerse. the fact that the Soviet Union had too few roads to justify large scale auto production9. If Prof. St. Clair is an advocate of the Theory of Voluntary Exchange (and he is), what must he conclude about Justin Bieber tapes and concerts, and why?a. these products are terrible and there is no way that anyone can defend such trashb. the government can clearly see that these products have no valuec. these are good products because Bieber is the greatest singer of this generation, or all generations for that matterd. No, Niel Diamond is the greatest singer of this generation, or all generations for that matter; but Bieber is a close seconde. Bieber may not be good, but it is better than country rap musicf. these products must be good if consumers want to freely part with their money to purchase them10. Which of the following is true about your opportunity cost in attending or participating in this online class?a. Since there is not dollar charge to attend or participate, there is no opportunity costb. There is no opportunity cost because it is always a joy to learnc. The opportunity cost is measured by the value of the lost time as measured by what you would have been doing if they had not attend or participated in this classd. The cost of gas and parking at the collegee. The cost of electricity and internet connection fees11. Which assumption – ceteris paribus or mutatis mutandis – best describes the real world?a. ceteris paribusb. mutatis mutandisc. neither is ever descriptive of the real worldd. each is equally descriptive of the real world12. What to do about a sluggish economy (e.g., a recession) would be a topic primarily found inreal economicsnominal economicsreal economicsmacroeconomicsmicroeconomicsinflation analysis13. In material balancing, the Soviets were usually able to attempt a balancea) with sophisticated computer modelsb) with more than 100 iterationsc) with input-output optimization techniquesd) with only three or four iterationse) with no more than thirty to forty iterations14. Friedman argued that political freedom was impossible withouta) government planningb) economic freedomc) equality of ownership of economic propertyd) strong government regulation of markets