Which of the following statements is true?
A) The level of innovation is likely to be similar in an economy with inclusive institutions and an economy with extractive institutions.
B) The number of entrepreneurs is likely to be higher in an economy with extractive institutions than an economy with inclusive institutions.
C) The number of entrepreneurs is likely to be lower in an economy with extractive institutions than an economy with inclusive institutions.
D) The level of innovation is likely to be similar in a command economy and a market economy.
C
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When European markets refused to allow U.S. beef to be imported because U.S. cows had been fed government-approved hormones, this was an example of
a. a tariff b. a quota c. free trade d. a nontariff barrier e. economic efficiency
Cost-push inflation is inflation caused by
a. a decrease in aggregate demand b. a decrease in aggregate demand and an increase in aggregate supply c. a shortage of all goods d. an increase in aggregate supply e. a decrease in aggregate supply