Economic freedom means that
A) some goods and services are free.
B) firms are regulated by the government.
C) people are able to make personal choices and their property is protected.
D) the nation's government is a democracy.
E) the rule of law does not apply.
C
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In general, the smaller the numerical value of price elasticity (in absolute value):
a. ?the smaller the responsiveness of price to changes in consumers' quantity demanded. b. ?the smaller the responsiveness of consumers' quantity demanded to changes in price. ?c. the larger the responsiveness of price to changes in consumers' quantity demanded. ?d .the larger the responsiveness of consumers' quantity demanded to changes in price.
Some policymakers claim that raising the minimum wage leads to higher employee morale and productivity. In this sense, an increased minimum wage would be operating like
A) an equilibrium real wage. B) an efficiency wage. C) a full employment wage. D) a sticky wage.