Governments and legislatures can erect barriers to entry. Which of the following would NOT be one of them?
A. licenses
B. patents
C. tariffs
D. laws that ensure property rights
Answer: D
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The above figure shows the Lorenz curves for four different countries. Which of the following statements CANNOT be made on the basis of the graph?
A) Incomes are distributed unequally in all four countries. B) Income distribution in country D is the most unequal among the four countries. C) Incomes are higher in country A than in country B. D) Income distribution is more equal in country B than in country D.
Before the period of modern economic growth:
A. only civilizations such as the Roman Empire experienced economic growth. B. rates of population growth virtually matched rates of output growth. C. most economies realized high rates of growth in output per person. D. output and population growth were stagnant.