Economic freedom refers to the freedom of the government to control resources and labor in a country
a. True
b. False
Indicate whether the statement is true or false
False
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Total costs never decrease as output increases
Indicate whether the statement is true or false
Which is an example of market size affecting demand?
a. Restaurant visits drop after a hurricane causes a city to be evacuated. b. A computer chip maker moves to a town and hires hundreds. c. After a team wins the World Series, it becomes a fad to buy their caps. d. Sales of potato chips drop after the price of pretzels falls by half.
Along the same indifference curve, MRS is ________ as more of one good is obtained.
A. decreasing B. constant C. increasing D. varying irregularly
Which of the following is TRUE about comparative advantage?
A) Comparative advantage explains trade among nations, but not within nations. B) Comparative advantage explains trade within nations, but not among nations. C) Comparative advantage explains trade within nations and among nations. D) Comparative advantage has nothing to do with trade among nations; it only is concerned with specialization within a firm.