Which of the Following About Economic Freedom Is True

question 16

Multiple Choice

Which of the following about economic freedom is true?

• A) Low income countries that have adopted institutions and policies consistent with economic freedom have grown rapidly.
• B) Low-income countries that have adopted institutions and policies consistent with economic freedom have failed to grow more rapidly than economies that are relatively unfree.
• C) Economic freedom appears to improve the performance of developed economies, but not those that are less developed.
• D) Economic freedom appears to improve the performance of less developed economies, but not those that already have a high degree of development.

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Definitions:

Revenue Recognition

The accounting principle that dictates the specific conditions under which revenue is recognized and reported on the financial statements.

Percentage-of-Completion Method

An accounting method used to recognize revenues and expenses of long-term projects proportionately with the degree of completion.

IFRS

A collection of accounting standards known as International Financial Reporting Standards, developed by the International Accounting Standards Board, which directs the global preparation of financial statements.

Selling Goods

The act of transferring physical products or merchandise to a buyer in exchange for money or other compensation.