In order to achieve a high rating on the Economic Freedom of the World index, a country must
a. provide for the even-handed protection of private property and rely primarily on open markets and voluntary exchange to coordinate economic activity.
b. use central planning to direct investment and resolve the three basic economic problems of what, how, and for whom goods will be produced.
c. protect domestic businesses from foreign rivals who generally provide shoddy products.
d. protect domestic workers from businesses that are unwilling to pay high wages and provide quality working conditions.
A
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Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
The supply curve for high-skilled labor lies to the
A) right of the supply curve for low-skilled labor because more people want a high-skilled job. B) left of the supply curve for low-skilled labor because more people want a high-skilled job. C) left of the supply curve for low-skilled labor because it is costly to acquire skills. D) right of the supply curve for low-skilled labor because fewer high-skilled people are willing to work for a low wage.
If a good has unitary price elasticity of demand, then the absolute value of the percentage change in
A. quantity exactly equals one. B. price exactly equals one. C. the quantity demanded equals the absolute value of the corresponding percentage change in price. D. quantity demanded and the absolute value of the corresponding percentage change in price both equal one-half and total one.
Which of the following was not addressed by the Clayton Act?
a. exclusive contracts b. price discrimination c. corporate board members serving on competing corporations d. mergers e. price fixing