Which of the following countries began liberal economic reforms during the 1980s and now have significantly more economic freedom than during the mid-1980s?
a. Ireland and New Zealand
b. France and Italy
c. Sierra Leone and Haiti
d. United States and Germany
A
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By definition, disposable income is equal to
A) consumption minus saving. B) consumption plus saving. C) consumption plus investment. D) investment plus saving.
Jimbo has a comparative advantage over Ned in producing a good if
A) Jimbo can produce more of the good than Ned can in a given time period. B) Jimbo has a higher opportunity cost of producing the good than does Ned. C) Jimbo has a lower opportunity cost of producing the good than does Ned. D) Jimbo has to trade off more than Ned does to produce the good.
The unemployment rate is at the natural unemployment rate when
A) frictional unemployment equals zero. B) structural unemployment equals zero. C) cyclical unemployment equals zero. D) all types of unemployment equal zero.
Many governments around the world attempt to improve the incomes of commodity producers by taking steps to increase the commodity price in the domestic market
Although this may reduce quantity demanded for the product, the action may be effective because: A) commodity supply tends to be inelastic, so quantity does not decline by much. B) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities. C) commodity demand tends to be inelastic, so higher prices generate higher sales revenue. D) commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities.