Most political scientists and economists agree that ________ is detrimental to economic growth.
A. the free and open exchange of ideas
B. a just-in-time inventory system
C. a set of well-defined property rights
D. political instability
Answer: D
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The effect of a quota is to
A) increase quantity supplied and lower price. B) increase quantity supplied and increase price. C) increase demand for the good and increase price. D) reduce quantity supplied and raise price.
Which of the following helps low-income countries grow rapidly relative to high-income countries?
a. Low-income countries are in a better position to save a larger share of their income. b. Low-income countries can employ technologies and practices that have been successful in high-income countries. c. Low-income countries generally have legal systems that protect property rights and enforce contracts in a more evenhanded manner. d. Low-income countries generally have more favorable weather conditions.
There is concern among economists who favor free trade that some regional agreements may promise free trade, but actually act as a way for the countries within the regional agreement to try to ________ trade from anywhere else.
a. support b. encourage c. eliminate d. limit
Susan won $2,000 at the blackjack tables on her birthday. Her winnings are an example of
a. permanent income. b. life-cycle income. c. transitory income. d. an in-kind transfer.