Economic freedom is
A) the right to vote in an election for a political leader.
B) the right to own private property and to exchange goods with minimal government interference.
C) the amount of control that the government has in a market.
D) present as long as private individuals own businesses.
B
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Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week. For Lesley, cappuccinos are a(n) ________ good
A) normal B) luxury C) inferior D) essential E) substitute
Which of the following expresses the equation of exchange?
A. MP = VY B. MV = PY C. MV = Y D. MY = PV
Which of the following is not correct?
a. Frictional unemployment is inevitable in a dynamic economy. b. Although the unemployment created by sectoral shifts is unfortunate, in the long run such changes lead to higher productivity and higher living standards. c. Workers tend to move to jobs where they are most valued. d. Churning of the labor force signals that the economy is functioning poorly.
Consider the accompanying figure representing the labor market below.
The imposition of a $12 per hour minimum wage causes total economic surplus in this labor market to ________ by ________.
A. rise; $400 B. fall; $1,600 C. rise; $800 D. fall; $800