Economic Freedom Is

question 46

Multiple Choice

Economic freedom is

• A) the right to own property.
• B) not having to pay taxes.
• C) exists only in some countries.
• D) affects only poor people.
• E) the ability to engage in voluntary trade.

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Definitions:

Marginal Cost

The growth in aggregate costs resulting from the manufacture of an additional product or service unit.

Externalities

Economic side effects or consequences of commercial activities that affect other parties without being reflected in the costs of the goods or services involved.

Efficient Level

The efficient level refers to the optimal point of production or service provision where the cost of resources is minimized and the satisfaction or benefit to consumers is maximized.

Impose a Tax

The act of a government or authority setting a financial charge or levy upon a taxpayer.