question
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies.
answer
1990
question
In 1981, in San Francisco Solano, Argentina, about 1,800 families took over a piece of wasteland. The government was able to deed 60 percent of this land to some families while the remaining part could not be deeded. The resulting houses varied greatly, based on whether the residents received title. Those who received title also behaved differently, having fewer children, and the children experienced more education and better health. This is an example of the results from:
answer
private property rights
question
The economist Hernando de Soto extensively studied:
answer
insecure property rights
question
Which of the following would economic freedom lead to?
answer
a. A higher standard of living
b. Better living conditions
c. Longer life expectancy
d. Better education
e. All of these
b. Better living conditions
c. Longer life expectancy
d. Better education
e. All of these
question
Which of the following hinders economic freedom?
answer
Regulations on emissions from automobiles
question
Economics is:
answer
concerned with the problem of scarce resources combined with unlimited wants
question
The basic economic problem is:
answer
Scarcity
question
Choices need to be made because of all of the following, except limited _____.
answer
wants
question
Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
answer
Opportunity costs
question
Opportunity cost is best defined as the:
answer
highest-valued alternative given up when a choice is made
question
In economics, which of the following is considered as financial capital?
answer
Stocks and bonds
question
An economy's resources:
answer
are limited in quantity
question
A factory is an example of:
answer
capital
question
Which of the following is an example of capital?
answer
Machinery
question
Stocks and bonds are examples of:
answer
financial capital
question
What accounts for specialization?
answer
People specialize in the activity in which their opportunity costs are lowest.
question
People
answer
tend to specialize in those activities in which their opportunity costs are minimum
question
A person has a comparative advantage in producing a good if that person:
answer
can produce the good at a lower opportunity cost than anyone else
question
In Figure 1.3, underutilization of resources is represented by point:
answer
E
question
In Figure 1.3, full employment is shown with:
answer
points A, B, and C
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
