Which of the following will increase economic freedom?
a. low rates of inflation and easy access to money that maintains its purchasing power
b. high tariff rates
c. government spending that comprises a large share of the economy
d. rapid and unpredictable inflation
A
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Consider the following cost information for a monopolist: its MR = $15, its MC = $23, and it is producing 9 units of output. Which of the following statements is correct?
a. The monopolist should produce and sell 9 units of output. b. The monopolist should increase production of output. c. We need more information to decide if the firm needs to produce. d. The monopolist should not produce this output because MR < MC.
Which of the following is not held constant along a given demand curve for a good?
A. Consumer tastes. B. Price of the good itself (own price). C. Consumer's income. D. The price of substitute goods.