Which of the following about economic freedom is true?
a. Low income countries that have adopted institutions and policies consistent with economic freedom have grown rapidly.
b. Low-income countries that have adopted institutions and policies consistent with economic freedom have failed to grow more rapidly than economies that are relatively unfree.
c. Economic freedom appears to improve the performance of developed economies, but not those that are less developed.
d. Economic freedom appears to improve the performance of less developed economies, but not those that already have a high degree of development.
A
You might also like to view...
Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
If you considered steak and lobster to be perfect substitutes for each other, your indifference curves between them would be L-shaped
Indicate whether the statement is true or false
When a demand schedule is drawn in a graph: a. price is measured on the vertical axis
b. quantity is measured on the horizontal axis. c. other variables are held constant. d. all of the above are correct.
In the above figure, if initial equilibrium is at point A and if there is an unanticipated increase in aggregate demand from AD1 to AD2, then
A. in the short run real output will remain at Y1. B. in the long run real output will increase above Y1. C. in the short run real output will increase above Y1, but in the long run it will return to Y1. D. real output will increase above Y1 in both the short run and in the long run.