What happened to the average person’s standard of living when Great Britain and the United States experienced free trade, low tax rates, low levels of government regulations, and strong protection of private property?
a. The average person’s standard of living did not change.
b. The average person’s standard of living increased substantially.
c. The average person’s standard of living decreased substantially.
d. The average person’s standard of living was not affected by these conditions.
b. The average person’s standard of living increased substantially.
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A movement from one point on a production possibilities frontier to another represents
A) unemployment. B) a tradeoff. C) an advance in technology. D) full employment of labor but not capital. E) a free lunch.
If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the left, everything else held constant
A) purchases; decreases B) sales; decreases C) purchases; increases D) sales; increases
If on Tuesday you can buy 125 yen per U.S. dollar and on Wednesday you can buy 120 yen per U.S. dollar,
a. both the U.S. dollar and the yen have appreciated b. both the U.S. dollar and the yen have depreciated c. the U.S. dollar has appreciated and the yen has depreciated d. the U.S. dollar has depreciated and the yen has appreciated e. the yen has appreciated and the U.S. dollar has remained constant
Entry of new firms will occur in a monopolistic competitive industry until:
a. marginal cost equals zero. b. marginal revenue equals zero. c. marginal revenue equals marginal cost. d. economic profit equals zero. e. economic profit is negative.