If a country is going to achieve a high economic freedom rating, it must
a. follow rule of law principles and create a stable monetary environment.
b. be a political democracy.
c. refrain from the imposition of barriers that limit voluntary exchange.
d. rely primarily on government expenditures and regulations (rather than markets) to allocate goods and resources.
e. both a and c are true.
E
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Answer the following statement(s) true (T) or false (F)
1. If the demand curve for a good is relatively flat, a small change in price results in a relatively large change in quantity demanded 2. If safer cars reduce a driver's chance of dying in an accident, then there will be fewer driver fatalities. 3. If one wants to apply the theoretical side of economics by examining data, they use a family of statistical techniques called econometrics. 4. A sales tax causes the demand curve to shift upwards by the amount of the tax. 5. As defined by economists, the supply of corn refers to the number of bushels of corn that farmers bring to the market.
A shortage tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
How does equilibrium expenditure come about? What adjusts to achieve equilibrium?
What will be an ideal response?
Potential buyers of older homes form their bids from imperfect estimates of a house's value As a consequence,
a. Lower quality houses are more likely to be up for sale b. Higher quality houses are more likely to be up for sale c. Both the higher and lower value houses would be offered for sale d. No houses would be offered for sale