Economic freedom means that
A) some goods and services are free.
B) firms are regulated by the government.
C) people are able to make personal choices and their property is protected.
D) the nation's government is a democracy.
E) the rule of law does not apply.
C
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Refer to the scenario above. What is the number of employed workers in the economy?
A) 1 million B) 2 million C) 3 million D) 4 million
Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) additional B) unintended C) total D) surplus
Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 500 cigars?
A) explicit cost B) operating cost C) marginal cost D) Any of the above terms are correct.
As the U.S. price level increases, expenditures by which of the following will remain unaffected?
A. Businesses B. Government C. Consumers D. The rest of the world