Countries that have adopted liberal reforms and substantially increased their economic freedom rating in recent years
What will be an ideal response?
achieved impressive growth rates of real GDP per person during 1995-2009.
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Refer to the market diagram. Of the surplus that consumers lose because there is a monopoly (and not perfect competition), how much is lost to the monopoly itself?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area C + D
b. Area E + H
c. Area A + B
d. Area C + D + E
The circular flow model assumes:
a. businesses and households own the factors of production. b. businesses own the factors of production. c. government owns the factors of production. d. households own the factors of production. e. firms, households, and the government own the factors of production.
A higher interest rate makes _____ less attractive. Therefore the quantity of loanable funds demanded decreases
Fill in the blank(s) with correct word
Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. Suppose that Jay initially proposed $6 million while David proposed $10 million. Given the distribution of voters' preferences, David can increase his chance of being elected by proposing:
A. a greater budget than $10 million. B. a smaller budget than $6 million. C. a smaller budget toward the median budget. D. None of these