If a country is going to achieve a high economic freedom rating, it must
a. follow rule of law principles and create a stable monetary environment.
b. be a political democracy.
c. refrain from the imposition of barriers that limit voluntary exchange.
d. rely primarily on government expenditures and regulations (rather than markets) to allocate goods and resources.
e. both a and c are true.
E
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Under what conditions should a competitive firm shut down in the short run?
What will be an ideal response?
Which of the following statements about full employment is true?
A. Liberal economists insist that an unemployment rate of 4 percent constitutes full employment. B. Conservative economists feel that an unemployment rate of 6 percent is a realistic portrayal of full employment. C. Economists cannot agree on what constitutes full employment, thus 5% represents a reasonable compromise. D. All of these choices are true.