On average, countries that have a larger degree of economic freedom tend to have
a. higher per capita income levels, but slower rates of economic growth, than countries with less economic freedom.
b. lower per capita income levels, but more rapid rates of economic growth, than countries with less economic freedom.
c. both higher per capita income levels and more rapid growth rates than countries with less economic freedom.
d. both lower income levels and slower growth rates than countries with less economic freedom.
C
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If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
A decrease in taxes (when Ricardian equivalence does not hold) causes the real interest rate to ________ and the price level to ________ in general equilibrium.
A. rise; fall B. fall; rise C. rise; rise D. fall; fall