With respect to economic freedom, which of the following is TRUE?
A. As economic freedom increases, so does a nation's prospects for economic growth.
B. Three out of four people live in nations with governments that grant residents high degrees of economic freedom.
C. About three dozen nations with governments unwilling to grant much in the way of economic freedom are home to two-thirds of the world's population. Even so, these countries produce over 50 percent of the world's output.
D. Where governments do not grant residents a high degree of economic freedom, economic growth rates tend to be above the annual average for the world's nations.
Answer: A
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If I get 10 units of pleasure from my first ice cream cone and 2 less units than before from each succeeding cone, I will buy ________ cones and gain ________ units of consumer surplus if the price of a cone = to 5 units of pleasure.
A. 6; 30 B. 4; 28 C. 2; 18 D. 3; 9
A linear demand curve has a:
A. constant slope and a constant elasticity, but they need not be equal. B. changing slope, but constant elasticity. C. constant slope, but changing elasticity. D. slope which is the same as the elasticity.
The change in the quantity of goods and services that an hour's work can buy is measured by the
A) nominal wage. B) real wage. C) CPI. D) real interest rate. E) inflation rate.
Which of the following statements best describes consumer confidence as measured by the consumer confidence index, from just prior to the Great Recession until late 2008.
a. According to the consumer confidence index, consumer confidence averaged around 90 prior to the Great Recession, and then it fell to below 50 in late 2008, which was the lowest it had been since 1980. b. According to the consumer confidence index, consumer confidence averaged around 80 prior to the Great Recession, and then it fell to below 50 in late 2008, which was the lowest it had been since 1980. c. According to the consumer confidence index, consumer confidence averaged around 90 prior to the Great Recession, and then it fell to below 60 in late 2008, which was the lowest it had been since 1980. d. According to the consumer confidence index, consumer confidence averaged around 80 prior to the Great Recession, and then it fell to below 60 in late 2008, which was the lowest it had been since 1980.