The Chinese Economic Reforms of 1978 Opened China to International

question 35

Multiple Choice

The Chinese economic reforms of 1978 opened China to international trade and investment.These reforms gave China access to new capital and technology,which

• A) allowed China to decrease its capital-labour ratio and increase labour productivity.
• B) increased China's total factor productivity and standard of living.
• C) accelerated Chinese productivity to a level where Chinese real GDP per capita is now on par with that in Canada.
• D) rapidly increased productivity in China and convinced Chinese officials to expand the reforms to include complete privatization of its financial system.

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Definitions:

Due-Process Policy

A policy that ensures fair treatment through a formal process for employees facing disciplinary action, ensuring that rights to a fair hearing and an explanation of the evidence are upheld.

Promote From Within

A hiring policy favoring the advancement of current employees to higher positions over bringing in external candidates.

Lead-The-Market Pay Strategy

A compensation approach where an organization aims to offer salaries higher than the average within its sector to attract and retain top talent.

Job Posting

The process of communicating information about a job vacancy on company bulletin boards, in employee publications, on corporate intranets, and anywhere else the organization communicates with employees.