MST39 Which of the following statements about the relationship between education and inequality is INCORRECT?

a.

In the long run, education is an important income equalizer because the expansion of human capital accumulation involves dispersion of knowledge and skills across the wider population.

b.

In the short run, education itself may be a source of inequality because different education opportunities between rich and poor.

c.

In the long run, education is an important income equalizer because low income families can be more easily acquire human capital through education than accumulate physical or financial capital through savings or inheritance.

d.

In the short run, education itself may be a source of inequality because brain drain (to cities and coastal areas) reduces regional inequality.

MST40 Which of the following urban-biased policies was NOT installed by Chinese government after 1985?

a.

Urban price subsidies.

b.

Preferential credit allocation to SOEs.

c.

A simplification of Household registration system ('Hukou').

d.

Subsidies to urban-biased loss-making State-owned Enterprises.

MST41 Which of the following statements about Chinese economy before 1912 is INCORRECT?

a.

During the Song Dynasty (960 - 1279), state's control of the economy diminished, which allowed private merchants to prosper and caused a large increase in investment and profit.

b.

One of key secrets of China's early economic boom was its abundance in young labour and natural resources

c.

In 1000, China was the most dominant economy in the world, counting 25% of annual global GDP.

d.

After a significant defeat in the first Sino-China War in 1895 ('War of Jiawu'), Qing Dynasty lost all its prestige and Chinese economy dramatically turned from prosperity to recession.

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