Countries that have adopted liberal reforms and substantially increased their economic freedom rating in recent years
a. experienced falling income levels per capita during 1995-2009.
b. grew slowly during 1995-2009.
c. achieved impressive growth rates of real GDP per person during 1995-2009.
d. have grown less rapidly than high income industrial economies.
C
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The larger the diameter of a natural gas pipeline is, the lower is the average total cost of transmitting 1,000 cubic feet of gas 1,000 miles. This is an example of one reason for
A. constant returns to scale. B. economies of scale. C. diminishing returns to scale. D. diminishing marginal returns.
If Slick Shades, a sunglasses manufacturer, has a contract with Best Lens, a lens manufacturer, to supply lenses needed to make the sunglasses, and the managers of the two firms both paid lawyers' fees to prepare the contract, the lawyer fees are considered to be a(n) ________ cost.
A) enforcement B) monitoring C) negotiation D) information
Elasticity rises as price falls along a linear, downward-sloping demand curve
a. True b. False
If a currency increases in value in response to market forces, this process is known as
a. reflation. b. revaluation. c. appreciation. d. value-added.