In order to achieve a high economic freedom rating, a country must
What will be an ideal response?
a. provide secure protection of privately owned property and evenhanded enforcement of contracts.
b. refrain from creating barriers that limit domestic and international trade.
c. rely more fully on markets rather than governments to allocate goods and resources.
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A decrease in both the equilibrium price and the equilibrium quantity of rice is best explained by a(n):
A. decrease in the supply of rice. B. increase in the demand for rice. C. decrease in the demand for rice. D. increase in the supply of rice.
Monopolistic competition is a market in which ________ firms produce ________ goods and services
A) many; identical B) many; differentiated C) few; differentiated D) few; identical
Which of the following is not a rationale for development planning?
(a) capital market failures. (b) rent seeking behavior. (c) attitudinal or psychological impact. (d) all are rationales for development planning in developing countries.
Suppose consumer confidence improves and as a result, consumer spending increases by $50 billion dollars. Assume households spend $0.80 of each extra dollar of income and save the remaining $0.20
Other things equal, calculate by how much spending will increase during: a. the first round through the circular flow. b. the second round through the circular flow. c. the third round through the circular flow. d. the fourth round through the circular flow.