In order to achieve a high economic freedom rating, a country must
a. provide secure protection of privately owned property and evenhanded enforcement of contracts.
b. refrain from creating barriers that limit domestic and international trade.
c. rely more fully on markets rather than governments to allocate goods and resources.
d. all of the above.
D
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When Susan makes the statement, "The government should spend less money to take care of national parks," she is
A) making a normative statement. B) making a positive statement. C) testing an economic model. D) not dealing with scarcity.
Which of the following happens when new firms enter a monopolistically competitive market structure?
A) The existing firms face higher demand. B) The existing firms face relatively inelastic demand curves. C) The existing firms earn higher profits. D) The existing firms earn lower profits.
In recent years, economists have come to believe that full employment in the U.S. economy occurs at an unemployment rate between:
a. 1.0 and 2.0 percent. b. 2.5 and 3.5 percent. c. 4.5 and 5.5 percent. d. 6.5 and 7.5 percent.
Three basic decisions must be made by all economies. What are they?
What will be an ideal response?