The Heritage Foundation in 2012 ranked which of the following economies to have among the highest economic freedom?
A. The United States
B. Germany
C. Argentina
D. Hong Kong
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. An economic model is robust if it provides results that are testable and verifiable. 2. An easy, but not very insightful, possible explanation for apparently irrational behavior is that it is rational for a people with a taste for the behavior. 3. Most economic explanations can be reduced to the idea that human behavior is primarily a matter of taste. 4. Since economists assume that people act in their own self-interest, economic analysis does not apply to situations where people behave altruistically. 5. A model that is said to be robust is one that has many details and closely mimics reality.
Shoe-a-holic Cathy started her own line of custom made, hand embellished wedding shoes. She opened up her own shop paid $2500 in fixed licensing fee. She used about $3000 in raw materials and made $3500 . At the end of the first month, Carly, her sister
looked at her financials and told her that she was losing money and should shut down. Cathy is heartbroken. As an economics guru, what would you advise her to do?
When a tax is imposed on a good, the actual incidence of the tax generally
a. falls entirely on the buyer. b. falls entirely on the seller. c. is shared between the buyer and seller. d. is the same as the statutory incidence.
A lawyer who agrees to take as compensation a percentage of any judgment or settlement is
A. typically only employed as a defense attorney. B. a contingency attorney. C. violating the legal profession's code of ethics. D. all of the options are correct.