According to the Economic Freedom of the World measure, between 2000 and 2010 the economic freedom of the United States
a. declined and its rank fell from third to tenth during this period.
b. increased, and the U.S. became the freest economy in the world during this decade.
c. was largely unchanged and the U.S. remained the third freest economy in the world, behind only Hong Kong and Singapore.
d. decreased, but the U.S. was still the freest economy in the world in 2010.
A
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Specialization and trade
A) does not benefit anyone. B) allows nations to produce inside their individual production possibilities frontier. C) allows nations to consume combinations of products that are outside their individual production possibilities frontier. D) shifts the production possibilities frontier inward. E) shifts the production possibilities frontier outward.
When two people trade their initial endowments to a point on the contract curve, only the level of the endowments will determine the new allocation
Indicate whether the statement is true or false
In the circular flow model, the source of the factors of production used to create goods and services is the
a. product market b. resource market c. firms d. households e. exchange market
Which of the following is not consistent with the ethics underlying the wage rate determined in a perfectly competitive labor market?
a. wage rate differentials between women and men, and between white and minority workers b. workers should receive their MRP c. noncompeting labor markets d. competing labor markets e. wage rate differentials between workers with different abilities and talents