(I) Countries with more economic freedom during the past quarter of a century had a lower average per capita GDP. (II) Countries with more economic freedom during the past quarter of a century generally achieved higher rates of economic growth
a. Both I and II are true.
b. Both I and II are false.
c. I is true; II is false.
d. I is false; II is true.
D
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What does the study of the balance of international trade and finance between 1790 and 1860 help American economic historians do?
(a) Understand what the U.S. sold to the rest of the world (b) Understand what the rest of the world sold to the U.S. (c) Determine if there is a link between these international patterns and economic growth in the U.S. (d) All of the above
The "Got Milk?" advertising campaign is a good example of
A) advertising in a competitive market. B) how advertising in a competitive market does not pay off for a single firm. C) interest groups financed by the industry advertise for the whole industry. D) All of the above.
Laws that are used to prevent firms from colluding and setting high prices are called
A) anti-trust laws. B) price ceiling laws. C) anti-cartel laws. D) anti-competition policies.
Insurance companies provide higher insurance premiums to plans with lower deductibles as a way of:
A. screening between types of drivers. B. avoiding moral hazard. C. reducing the lemons problem. D. optimizing information acquisition.