The term "economic freedom" means
A) the right to own private property.
B) the right to trade goods and services.
C) the right to own financial assets.
D) all the above.
D
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Holding all other personal characteristics-such as age, gender, and income-constant, economists would expect that
A) people without health insurance will be more likely to be overweight than people with health insurance. B) there is no correlation between not having health insurance and being overweight. C) people without health insurance will be less likely to be overweight than people with health insurance. D) people without health insurance will be equally likely to be overweight as people with health insurance.
Which of the following statements suggests that a rise in GDP actually understates the rise in the standard of living? a. A much wider variety of basic products, such as food and clothing, is available today than several decades ago. b. Crime rates may rise as the GDP of a society increases
c. Crime rates may rise as the GDP of a society increases. d. Income inequality may increase with increasing GDP.
The value of a good is
a. subjective. b. objective or intrinsic. c. determined by a government statistical agency. d. determined by its cost of production.
Which of the following actions results in the shortest lag between recognition of a problem and an appropriate stabilization response?
A. Congress writes legislation providing more automatic stabilizers in the economy. B. Congress provides limited authority to the president to alter fiscal or monetary policy for the purpose of stabilization. C. The appropriation and authorization responsibilities of Congress are transferred to the executive branch in order to eliminate congressional lags. D. Congress takes authority over stabilization and is not required to wait for the executive branch to respond.