Econ 212 - Study guides, Class notes & Summaries

The rural-urban divide is an entrenched gap in productivity, income and living standards It is further aggravated by the village ownership of rural land It is frozen by the hukou system, in effect, one country with two two social insurance systems and two classes of people It is a fundamental source of poverty and social injustice It constrains household consumption and leads to a ridiculously high national saving rate And it is also the root of cheap labor and the Chinese advantage

Central planning with public ownership has failed in China as it has done elsewhere This is because: Marx’s solution to capitalism is flawed Mao’s paranoia of insecurity overrides the interests of the common people The right choice to make China great again is to turn towards an open market economy (capitalism)

What has been accomplished in urbanization? Why is the current mode unsustainable? What should be the right way?

The official narrative What has changed under Xi Jinping? Xi’s dream

Economists claim that markets A. provide stable employment for citizens. B. guarantees a fair income distribution. C. produces goods and services as efficiently as possible. D. provides safe neighborhoods. 2. Which of the following statements illustrate the concept of efficiency? A. The production of the good generates very little pollution. B. At equilibrium, all mutually beneficial transactions have taken place. C. The production of the good generates very few byproducts. D. The consu...

You need to answer all three questions, which carry equal weight. This is an open-book exam. For each question, you should provide a concise summary of the corresponding lecture, demonstrating your understanding of the content. You may incorporate your own opinions in your answers.

Chapter 4: Essential Microeconomics Tools - Sample Exam Questions 1 The demand curve for an individual shows how the marginal utility of consuming an extra unit of the good declines as total consum ption rises. B) False 2 A firm’s marginal cost curve is also its supply curve when the firm acts in a perfectly competitive manner. B) False 3 Since the supply curve is the marginal cost curve, the area under the supply curve up to a particular level of output shows the cost of producing that level ...

class notes for chapter 1 explaining the ten principles of economics

notes for chapter 1 explaining the ten principles of economics