According to the Economic Freedom of the World measure, the United States was
a. the freest economy in the world during 1980-2000.
b. the third freest economy in the world, behind only Hong Kong and Singapore during 1980-2000.
c. less free than Australia and Canada throughout the 1980-2000 era.
d. less free than the large economies of Western Europe throughout the 1980-2000 era.
B
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Ceteris paribus, an increase in the current or actual rate of inflation will cause
A) the unemployment rate to decrease (a movement along the short-run Phillips curve). B) the long-run Phillips curve to shift leftward. C) expectations of future inflation rates to be revised downward. D) the short-run Phillips curve to shift upward.
In the context of insurance, moral hazard refers to:
A. the tendency for people to behave in a riskier way after they have acquired insurance. B. the tendency for high-risk individuals to seek out more insurance than low-risk individuals. C. when people organize themselves in a group to collectively absorb the cost of the risk faced by each individual. D. when risks are shared across many different assets or people, reducing the impact of any particular risk on any one individual.
In the 1980s, some states in the United States had significantly more bank failures than other states. What industries did the former states depend on heavily?
a. Oil and agriculture b. Tourism c. Defense and aeronautics d. Construction and textiles e. The computer industry
According to the World Bank, almost 2 billion people are classified as being in severe poverty.
Answer the following statement true (T) or false (F)