Free-market economies have led to
A. high growth rates but low efficiency.
B. high efficiency and low growth rates.
C. high growth rates and high efficiency.
D. low growth rates and low efficiency.
Answer: C
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If a perfectly competitive firm adopts a new technology, greater economic profit is possible in the ________, but a competitive return will be earned in the ________ as the market supply will ________.
A) long run; short run; decrease B) short run; long run; increase C) short run; long run; decrease D) long run; short run; increase
The Bland-Allison Act of 1878 and the subsequent Sherman Silver Purchase Act of 1890:
a. led to an extended period of inflation in the U.S. b. were both followed by increases in the market price for silver. c. had no significant impact on silver prices or the price level. d. decreased the Treasury's supply of silver.
The Great Depression of the 1930s led to a revolution in macroeconomic thinking, following the work of
a. Arthur Laffer. b. Milton Friedman. c. Adam Smith. d. John Maynard Keynes. e. David Ricardo.
On May 12, 2011, it cost U.S. $.04 to buy one Russian ruble. How many Russian rubles would U.S. $1 buy?
a. 40 b. 33 c. 25 d. 14