Which of the following adopted reforms that have substantially improved their economic freedom rating since 1980?
What will be an ideal response?
All of the above
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Consumers will spend a higher proportion of a one-time bonus than they would of a permanent salary increase
Indicate whether the statement is true or false
The marginal benefit of a taco is measured by
A) the price of the taco. B) the amount of another good a person is willing to give up to get one more taco. C) the amount of another good a person must give up to get one more taco. D) a point on the PPF. E) the opportunity cost of producing another taco.
Economics is a:
A) social science that deals with making choices among alternatives. B) natural science that concerns itself with allocating relatively scarce resources among alternative ends. C) science that has no theories or models based on the scientific method. D) humanities course that mainly concerns itself with limited wants versus unlimited resources.
The functions of money are
A) a conductor of economic activity, a medium of exchange, and a store of value. B) a medium of exchange, a store of value, and a factor of production. C) a store of value, a medium of exchange, and a determinant of investment. D) a store of value, a unit of account, and a medium of exchange.