[Statement] China is undergoing rapid economic change: twenty
years ago, it was a developing political economy; today, its
economy is in transition; twenty years from now, it may well be a
developed political economy.Q 4) China’s factor endowment (i.e., a factor of production)
twenty years ago was rich in labor (and land) and poor in capital.
“Rich” means abundant/cheap, and “poor” means scarce/expensive. If
China succeeds in becoming a developed political economy in the
next twenty years, what will its...