Under the household responsibility system,

Under the household responsibility system,
 
  a. villages own the farmland but contract it out to individual families who operate it chiefly according to the profit motive.
  b. formerly collectively owned land has been transferred to private ownership.
  c. individual households are held responsible for a certain level of agricultural output.
  d. individual households and families are responsible for the provision of many social services previously guaranteed by the state.
  e. individual households are permitted to own, or invest in, rural enterprises that are, in turn, collectively managed by local authorities.

 Q. 2

The term socialist market economy refers to the
 
  a. mixture of state control and capitalism that is being used to promote economic development in China.
  b. collectivization of the rural market economy during the Maoist era.
  c. development of a stock market in China since the 1980s.
  d. fact that free-market forces prevail in the industrial sectors of the Chinese economy while the agricultural sector is still operated collectively.
  e. gradual privatization of state-owned enterprises in China.

 Q. 3

Which statement about income inequality in China is INCORRECT?
 
  a. Income inequality today is greater than it was during the Maoist period.
  b. Economic reform has generally evened out income inequality between rural and urban residents.
  c. Economic reform has generally evened out income inequality between men and women.
  d. Although it has greatly enlarged the middle class, economic reform has not created a class of super-rich.
   e. Surveys indicate that most Chinese are dissatisfied with the state of egalitarianism in contemporary China.

 Q. 4

Which of the following statements about the current status of state-owned enterprises in China is NOT true?
 
  a. Although they are vastly outnumbered by private enterprises, they still dominate critical sectors of the economy.
  b. They are universally inefficient.
  c. They have never needed bailouts by the country's banks.
  d. They are not required to respond to market forces.
  e. They account for less than half of the country's GDP.

 Q. 5

Which of the following statements about GDP in China is NOT correct?
 
  a. As measured by GDP, China's economic growth was barely hindered by the 20092010 global recession.
   b. GDP per capita in China has risen dramatically since the country moved towards a market economy.
   c. In terms of GDP, China has grown faster than the United States over the last 20 years.
  d. In terms of GDP, China has grown faster than other rapidly developing countries.
   e. GDP per capita in China is low when compared to more developed economies.

 Q. 6

The reform of Deng's Reform and Opening policy refers to
 
  a. allowing market forces to play a greater role in the country's economy.
  b. linking the country's currency to other global currencies.
  c. allowing government, rather than party, officials to make most economic decisions.
  d. permitting noncommunist parties to form and run for political office.
  e. loosening political control of the media.