Economic freedom is
A. the right to vote in an election for a political leader.
B. the amount of control that the government has in a market.
C. present as long as private individuals own businesses.
D. the right to own private property and to exchange goods with minimal government interference.
Answer: D
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Technological changes that increase the productivity of skilled workers relative to that of unskilled workers are referred to as:
A) skill-biased technological changes. B) labor-saving technological changes. C) unskilled-biased technological changes. D) labor-complementary technological changes.
A hurricane destroyed the peach crop in South Carolina. Shortly thereafter the price of peaches rose significantly. These events suggest that a(n):
a. decrease in the supply of peaches caused the price of peaches to rise. b. increase in the supply of peaches caused the price of peaches to rise. c. increase in demand caused the price of peaches to rise. d. decrease in demand caused the price of peaches to rise.
The net export component of aggregate demand is defined as U.S
a. imports minus U.S. exports. b. imports plus U.S. exports. c. exports minus U.S. imports. d. exports minus taxes and customs duties.
Which of the following is NOT true?
A. The notion of perfect equilibrium is more useful in analyzing extensive-form games than normal-form games. B. An extensive form representation usually provides more information than a normal-form representation of a game. C. A normal-form game is most useful for sequential-move games. D. The notion of credible threats makes more sense in extensive-form representations than in normal-form representations of a game.