Which of the Following Is True

question 49

Multiple Choice

Which of the following is true?

• A) economic freedom is present if a country is a political democracy.
• B) economic freedom ratings indicate the consistency of a nation's institutions and policies with personal choice, freedom of exchange, and protection of private property.
• C) economies that are highly free tend to grow less rapidly than those with less economic freedom.
• D) all of the above are correct.

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Definitions:

Product Quality

The degree to which a product or service meets customer expectations and requirements.

Advertising

An advertising message that is clearly backed by sponsorship, designed to market a product, service, or concept without personalization.

Elasticity of Demand

A measure of how responsive the quantity demanded of a good is to a change in its price.

Markup

The amount added to the cost of a product by retailers to determine its selling price, representing the profit margin.