Since the 1980s,China's Output Per Person Has Increased Tremendously

question 15

Multiple Choice

Since the 1980s,China's output per person has increased tremendously.Which of these possible contributors to economic growth in China is a good example of a positive supply shock?

• A)high levels of saving and investment
• B)declining rate of population growth
• C)rising consumption of energy
• D)all of the above
• E)none of the above

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Definitions:

Import Demand Curve

The import demand curve represents the relationship between the quantity of a good that a country imports and the price of that good.

Specialization

The practice of focusing effort and resources on a particular task or area of production to increase efficiency and output.

Increasing Opportunity Costs

The principle that the more a society tries to produce of a specific good, the higher the opportunity cost of further increasing its production.

Production Possibilities Curves

A curve depicting all maximum output possibilities for two goods, given a set of inputs, highlighting the trade-offs in production choices.