During the 2000-2009 decade,
a. the economic freedom rating of the United States fell, but the growth rate of real GDP was more rapid than in recent decades.
b. the economic freedom rating of the United States increased and the growth of real GDP was more rapid than that of recent decades.
c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades.
d. the economic freedom rating of the United States increased but the growth of real GDP was less rapid than that of recent decades.
Ans: c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades.
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The table above has real and nominal GDP for two years for a foreign country
a. What does the GDP price index equal in 2010? What does the value of the GDP price index tell you about 2010? b. What does the GDP price index equal in 2011?
Classical economists think that lump-sum tax changes
A) should be used to smooth business cycles. B) have a powerful effect on the economy. C) affect aggregate demand after a lag. D) have no effect because of Ricardian equivalence.