For the world as a whole, economic freedom increased since 1994 as the countries opened up in the world market and the governments slashed tax rates
a. True
b. False
Indicate whether the statement is true or false
True
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In describing the progress of the typical person in an economy, measuring the median income always does a better job than measuring the mean income
Indicate whether the statement is true or false
Suppose somebody made the following statement: "There will never be a substitute for Howard Stern, the radio shock-jock." According to the economic way of thinking, the above statement
A) is essentially true. B) is misleading because cloning already exists and it is a matter of time before people will be cloned. C) is incorrect because many people choose to listen to other programs as the perceived costs of listening to Howard Stern change. D) is essentially false because Howard Stern provides nothing of value to society.
The existence of adverse selection results in:
A) reduced market efficiency B) an increase in the likelihood of moral hazard C) increase market transactions D) higher transaction costs
A good that is perfectly standardized is:
A. likely to be interchangeable with others in the market. B. indistinguishable to others in the market. C. fairly close to others in the market. D. determined to be the same by government.