Compared to those with less economic freedom, countries with more economic freedom generally have ____ per capita GDP levels and ____ growth rates
a. lower; less rapid
b. lower; more rapid
c. higher; less rapid
d. higher; more rapid
D
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If the current account balance has a $70 million deficit and there was no change in official reserves during that year, then we know that
A) net transfers were -$70 million. B) the capital account balance must have a $70 million deficit. C) the balance of payments must register a $70 million surplus. D) the official settlements account balance must have a $70 million surplus. E) the capital and financial account balance must have a $70 million surplus.
Assume that an industry requires a very specialized technology that involves high start-up costs for new firms no matter what level of output they produce. In the long run, at low levels of output, these firms will tend to exhibit
a. diminishing marginal returns b. increasing marginal returns c. diseconomies of scale d. constant returns to scale e. economies of scale
Schyler is able to take out a loan for $3,000 for one year at an annual interest rate of 10 percent. After calculating her return to be $200, Schyler will realize she will:
A. lose $100 overall if she takes out the loan. B. lose $200 overall if she takes out the loan. C. make $100 overall if she takes out the loan. D. make $200 overall if she takes out the loan.
The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:
A. depends upon the ease with which it is possible to summon similar changes from memory. B. varies depending upon whether the change triggers loss aversion. C. varies according to the size of the change measured as a proportion of the original stimulus. D. depends upon an initial approximation, which is then updated in accordance with additional information.