Beginning in the Late 1970s,economic Reform in China Allowed Farmers,for

question 119

Multiple Choice

Beginning in the late 1970s,economic reform in China allowed farmers,for the first time,to keep a portion of their crops and to sell them to others.Previously,all food was collectively farmed and shared.How did this basic reform improve China's economic growth?

• A) It gave local governments an incentive to tax farmers.
• B) It gave farmers an incentive to be more productive.
• C) It gave farmers an incentive to work less.
• D) It gave the national government an incentive to import food.
• E) It gave consumers an incentive to eat less.

Grasp the concept of the demand for a resource and the factors it depends on.

Calculate the Marginal Revenue Product (MRP) for additional workers in a practical scenario.

Distinguish between Marginal Revenue Product (MRP) and other economic measures like Marginal Resource Cost (MRC).

Analyze how cost minimization relates to profit maximization in a firm.

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Definitions:

Local Finance

Relates to the funding and financial management of local governments, including revenue generation, budgeting, and expenditure on public services at a local level.

Property Taxes

Taxes imposed on property owners by local governments, calculated as a percentage of the property's value.

Sales and Excise Taxes

Taxes imposed on the sale of specific goods (excise) and on a broad range of products at the point of sale (sales), used by governments to raise revenue, potentially influence consumer behavior, and fund public goods and services.

Transfer Payment

Payment by one branch of government to another or to an individual. Largest transfer payment is Social Security.