Consider two countries—country A and country B. Both countries are exactly similar in all aspects except for one. The institutions in country A are inclusive while the institutions in country B are extractive
Given this information, which of the following statements is likely to be true?
A) Both countries are likely to be capitalistic.
B) Both countries are likely to be totalitarian.
C) Country A is likely to have well-defined property rights, while country B is likely to lack well-defined property rights.
D) Country B is likely to have well defined property rights, while country A is likely to lack well-defined property rights.
C
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According to the figure above, if there is no income tax, the equilibrium real wage rate is ________ and the equilibrium hours of labor are ________
A) $20; 200 billion B) $30; 250 billion C) $30; 200 billion D) $35; 200 billion E) The equilibrium is not shown.
The opportunity cost to you of an action is
A. how much you must pay for the opportunity to take the action. B. the value to you of the next best action you could have taken. C. the cost to society of giving you the opportunity to take the action. D. the dollar cost to you of the action.
In the basket of goods that is used to compute the consumer price index, which of the following categories of consumer spending is the largest?
a. education & communication b. food & beverages c. medical care d. recreation
In 2006, the European Union imposed antidumping duties of 10% to 16.5% on products imported from China. What were those products?
a. wooden pencils b. shirts c. shoes d. coated paper