Compared to countries with less economic freedom, countries with more economic freedom
a. achieve higher per person income levels, but they also have higher poverty rates.
b. grow more rapidly, but the income levels of the poor are largely unaffected by the higher growth rates of the freer economies.
c. achieve both higher income levels per person and lower rates of poverty.
d. grow less rapidly and experience higher poverty rates.
C
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Potential GDP per labor hour can increase due to
A) increases in labor productivity. B) increases in the quantity of money. C) increases in population. D) decreases in the quantity of capital.
Harvey Miller owns a baseball that was hit for a home run by Ted Williams
Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: "Ted Williams was my hero. This baseball has a great deal of sentimental value for me." Which of the following can explain Harvey's behavior? A) how social influences can affect consumption choices B) the difference between implicit and explicit costs C) the endowment effect D) the scarcity of home run baseballs hit by Ted Williams