Which of the following about economic freedom is true?
a. In 1960, the per capita income levels of Hong Kong and Singapore were greater than those of the United States and Canada.
b. The economies of Hong Kong and Singapore have grown slowly in recent decades.
c. Economic freedom ratings indicate that both Hong Kong and Singapore rank among the world's freest economies.
d. Economic freedom ratings indicate that Nigeria and Venezuela rank among the world's freest economies.
Answer: C
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________ are non-rival in consumption
A) Public goods and private goods B) Public goods and club goods C) Public goods and common pool resources D) Private goods and common pool resources
The market demand curve
a. is found by vertically adding the individual demand curves. b. slopes upward. c. represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good. d. represents the sum of the quantities demanded by all the buyers at each price of the good.