Which of the following would reduce a country's Economic Freedom of the World rating?
A) free trade and low taxes
B) a legal system that secures private property rights and provides even-handed enforcement of contracts
C) competitive markets and minimal government regulation
D) monetary instability and trade restrictions
D) monetary instability and trade restrictions
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The Fed
A) distributes Federal Reserve notes, which are paper currency. B) is responsible for conducting U.S. fiscal policy. C) has 15 Federal Reserve banks and governing boards in New York and Chicago. D) is responsible for minting coins.
Consumers must understand the economist’s law of diminishing marginal utility in order to maximize their satisfaction.
Indicate whether the statement is true or false.
Sally is shopping for textbooks at the beginning of the semester. What is one reason she might decide to not purchase a textbook?
A) Her expected producer surplus is positive. B) Her expected consumer surplus is negative. C) Her expected consumer surplus is positive. D) Her expected profits are positive.
______ is produced by an investment of time and other resources in education, training, and experience:
A) Human capital B) Physical capital C) Entrepreneurship D) Technological knowledge