Fundamental factors contributing to the pace of economic development are a? well-defined system of _______ ______, training and __________, allowing new generations of companies and industries to ________ older? generations, and promoting an open economy by allowing ___________ _________.
Fill in the blank(s) with the appropriate word(s).
property rights/ education/replace/international trade
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The Friedman rule works because
A) it maximizes productivity. B) it eliminates over-consumption. C) it encourages people to hold the appropriate quantity of money. D) it can be implemented by the private sector.
Is a uniform per-unit tax on firms that cause an externality an optimal policy for correcting the externality? Explain
What will be an ideal response?
Given that the own-price elasticity of demand for shoes is -2.6, if the price of shoes rises by 8%, what will happen to the quantity of shoes demanded?
a. It will decrease by 20.8% b. It will increase by 20.8% c. It will decrease by 2.6% d. It will decrease by 2.6%
Inflation is an overall:
A. rise in prices in the economy. B. decline in prices in the economy. C. rise in prices in the economy, excluding those with historically volatile price changes. D. decline in prices in the economy, excluding those with historically volatile price changes.