Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic freedom? i. A democratic form of government ii. Property rights must be protected. iii
The government must support and pay for inventions and innovations. A) i only
B) ii only
C) Both i and ii
D) Both ii and iii
E) Both i and iii
B
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When property rights are well defined and inexpensive to enforce, ________
A) collateral is an efficient solution to asymmetric information problems B) little or no collateral is needed to secure a loan C) banks become less dominant among intermediaries D) poor borrowers are at no disadvantage relative to wealthy borrowers
Which of the following is the most correct statement about the relationship between inflation and unemployment?
a. In the short run, falling inflation is associated with falling unemployment. b. In the short run, falling inflation is associated with rising unemployment. c. In the long run, falling inflation is associated with falling unemployment. d. In the long run, falling inflation is associated with rising unemployment.
One economically efficient way to eliminate the Tragedy of the Commons is to
a. tax the owners of the resource. b. prevent anyone from using the resource. c. reduce the marginal social benefit of the resource. d. establish private ownership of the resource.
A successful advertising campaign induces consumers to buy more of a product at any given price than before.
Answer the following statement true (T) or false (F)