Slowing down growth china's gdp growth target for the 12th five-year-plan period 2011-2015 is 7 percent a year. this largely symbolic goal (china's average growth rate for the past five years was a whopping 11 percent a year) shows that the central government wants to fundamentally restructure the economy. source: the daily telegraph, september 25, 2011 if china reduces its economic growth rate from 11 percent a year to 7 percent, how many additional years will it take for gdp to double? in what year will china's gdp quadruple?

answer the law of increasing costs;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.