The Economic Development Minister of a country has a list of things she thinks may explain her country's low growth of real GDP per person relative to other countries. She asks you to pick the one you think most likely explains her country's low growth. Which of the following contributes to low growth?
a. poorly enforced property rights
b. outward-oriented trade policies
c. policies that permit foreign investment
d. All of the above are correct.
a
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Income is a poor measure of relative position when attempting to determine horizontal equity.
A. True B. False C. Uncertain
A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
Pain, suffering and disfigurement are forms of
a. compensatory damages b. punitive damages c. economic damages d. all of the above.
The task of deciding which consumer gets each of the goods produced in a free-market economy is solved by
A. the price system. B. the industries that produce the goods. C. the central planners. D. citizens with political power.