Between 1978 and 1983, Food Production in China Rose by 50

question 121

Multiple Choice

Between 1978 and 1983, food production in China rose by 50 percent and 170 million people rose above the international poverty line. This occurred because of

• A) the institution of the ―it is glorious to be rich‖ policy.
• B) the return to private property rights in farming.
• C) the fall of communism in China.
• D) the teaching of Mao Zedong.

---

Definitions:

Demand Curve

The demand curve is a graph showing the relationship between the price of a good and the amount that consumers are willing and able to purchase at various prices.

Consumer Surplus

The gap between what consumers are ready and can afford to pay for a product or service, versus what they actually spend.

Producer Surplus

The difference between the amount that a producer is paid for a good or service and the minimum amount they are willing to accept for it.

Marginal Revenue

The additional income derived from the sale of one more unit of a good or service.