On the Heritage Foundation's scale of "Economic Freedom," the least "free" country would be that one whose economic system was purely
A. utilitarian.
B. communist.
C. socialist.
D. capitalist.
Answer: B
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In the tourist-trap model, a consumer might pay more than marginal cost for a good sold in a competitive market if the cost of possibly finding the good cheaper is more than the markup over marginal cost
Indicate whether the statement is true or false
If the price level in the United States increases, domestic goods will become relatively more expensive than foreign goods. Consumers will import more and reduce the quantity of domestic goods and services they buy
a. True b. False Indicate whether the statement is true or false
Mutually beneficial trade between buyers and sellers drives a market to equilibrium
Indicate whether the statement is true or false
The loss of the profit motive by a publicly owned natural monopoly could:
A. increase the incentive to lower costs. B. increase the motivation to improve efficiency. C. increase the incentive to provide better service. D. reduce the motivation to improve efficiency.