According to the text, the 17 countries with high degrees of economic freedom
A. account for less than 20 percent of total world output.
B. account for 80 percent of total world output.
C. have low productivity.
D. have the weakest economies.
Answer: B
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The dramatic increase in the standard of living since the Industrial Revolution
A. means that societies and individuals face no constraints. B. has not meant unlimited abundance for societies or persons. C. means that “opportunity cost” is a meaningless concept. D. has reduced the choices open to persons. E. has made economics less useful to persons.
Explain why new classical economists favor a laissez faire policy approach.
What will be an ideal response?
Balancing the budget over the business cycle involves running _________ during recession years and _____ during economic booms.
Fill in the blank(s) with the appropriate word(s).
The mainstream view of macro instability is that:
A. changes in the money supply directly cause changes in aggregate demand and thus cause changes in real GDP. B. changes in investment shift the aggregate demand curve and thus cause changes in real GDP. C. bursts of innovation put the economy on an unsustainable growth path, eventually producing recession. D. changes in technology and resource availability are the two main sources of fluctuations of real GDP.