The income per person in the quartile of countries with the most economic freedom was approximately ____ times the figure for the least free group of countries
a. 2
b. 4
c. 5
d. 8
D
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Suppose pollution, which generates a negative externality, exists in a market. If transactions costs are low and parties are willing to bargain, then, according to the Coase theorem,
A) an equitable solution can only be reached if property rights are assigned to the victims of pollution and not the polluters. B) an equitable solution can only be reached if property rights are assigned to the polluters, and not the victims of pollution. C) an efficient solution can be reached regardless of the initial assignment of property rights. D) government intervention is necessary to reach an efficient and equitable solution.
The basic organizing framework for both microeconomic and macroeconomic models is
A. purely competitive markets. B. government planning of the economy. C. demand and supply. D. democratic socialism. E. All of these responses are correct.
According to adaptive expectations theory, expansionary monetary and fiscal policies to reduce the unemployment rate are:
a. useless in the long run. b. useless in the short run. c. ineffective on the price level. d. None of these.
The things that must be forgone to acquire a good are called
a. implicit costs. b. opportunity costs. c. explicit costs. d. accounting costs.