It Is Estimated That at the End of the Twentieth

question 12

Multiple Choice

It is estimated that at the end of the twentieth century, the income of China's farmers was

• A) equal to that of urban workers.
• B) greater than that of urban workers because they had their own plots of land.
• C) half that of urban workers.
• D) only about 90 percent of urban workers.
• E) about 25 percent of urban workers.

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Definitions:

Revealed Preferred

Another term for revealed preference, emphasizing the process of deducing preferences by observing actual choices under constraints.

Violates WARP

Deviating from the Weak Axiom of Revealed Preference, indicating inconsistencies in consumer choice under the assumption of rational behavior.

Bundle

A combination of goods or services sold together as a single package, often for a price lower than the sum of their individual costs.

Initial Endowment

An economic term for the total amount of resources an individual, entity, or economy has available at the start.