During the 2000-2009 decade,
a. the economic freedom rating of the United States fell, but the growth rate of real GDP was more rapid than in recent decades.
b. the economic freedom rating of the United States increased and the growth of real GDP was more rapid than that of recent decades.
c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades.
d. the economic freedom rating of the United States increased but the growth of real GDP was less rapid than that of recent decades.
C
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The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called
A) marginal cost. B) marginal revenue product. C) marginal factor cost. D) marginal physical product.
The Laffer curve expresses a relationship between:
a. tax rates and tax revenues. b. inflation and unemployment. c. interest rates and saving. d. money supply and the price level.