The distribution of income in a market economy is determined by the minimum wage laws.
Answer the following statement true (T) or false (F)
False
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If the institutions in an economy change from being inclusive to extractive, then in the economy:
A) the returns to entrepreneurship will increase. B) the opportunity cost of entrepreneurship will decrease. C) the number of entrepreneurs will decrease. D) existing entrepreneurs will earn higher profits.
A country with a real GDP per person similar to real GDP per person in the United States but with limited political freedom is generally considered to have
A) a lower standard of living than the United States. B) a larger Human Development Index because the other country still needs to develop more political freedom. C) the same standard of living as the United States. D) an understated GDP. E) an overstated nominal GDP.
The sale of foreign assets by a central bank accompanied by an open market purchase of securities of the same size results in:
A) a reduction in the monetary base B) an increase in the monetary base C) a sterilized intervention D) an unsterilized intervention
Opportunity cost is illustrated on the production possibilities curve by a
A) bowed-out shape of the curve. B) shift to the right of the curve. C) shift to the left of the curve. D) movement along the curve.