Which of the following hinders economic freedom?
a. Lower taxes
b. Regulations on emissions from automobiles
c. International trade
d. Secure private property rights
e. A democratic government
b
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Assume that an economy experiences both positive population growth and technological progress. Once the economy has achieved balanced growth, we know that the output per worker ratio (K/N) is
A) constant. B) growing at a rate of gA - gN. C) growing at a rate of gN. D) growing at a rate of gA. E) growing at a rate of ? + gA + gN.
The price system allocates resources efficiently EXCEPT when
A) consumers decide they want more of a good. B) resources are utilized to produce the highest-valued goods and services. C) voluntary exchange exists. D) the production of a good affects parties other than its buyers and sellers.