Which of the following is a key characteristic of economic freedom?
a. subsidies and regulations that favor business
b. central planning
c. reliance on open markets
d. import quotas that protect domestic businesses from rivals
C
You might also like to view...
What is TRUE about every point along a production possibilities frontier?
A) Both people are maximizing utility. B) It is impossible to increase production of either good. C) All allocations are efficient. D) It includes some unattainable points.
One necessary condition for effective price discrimination is:
a. identical tastes among buyers. b. difference in the price elasticity of demand among buyers. c. a single, homogeneous market. d. two or more markets with easy resale of products between them.
Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?
a. high prices b. low price elasticity of demand c. high compatibility of member interests d. significant barriers to entry e. unequal member ownership of the natural resources
Working efficiently, Jordan can write 3 essays and outline 4 chapters each week. It must be true that:
A. 6 essays and 0 chapter outlines would be unattainable. B. 3 essays and 5 chapter outlines would be unattainable. C. 2 essays and 3 chapter outlines would be efficient. D. 4 essays and 3 chapter outlines would be both attainable and efficient.