A Key Reason Why Some Countries Are Growing Very Slowly

question 102

Multiple Choice

A key reason why some countries are growing very slowly is

• A)they lack a democratic government.
• B)they lack economic freedom.
• C)their inflation rate is too high.
• D)they are too poor,so there is no saving.
• E)there is too much competition within their economies.

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Definitions:

Right-to-Work Laws

Legislation that guarantees workers the right to work for any employer without the requirement to join a union or pay union dues.

Union Shops

Workplaces where employment is conditional on maintaining membership in a labor union, typically after a probationary period.

Open Shops

Workplaces where joining a union is not a condition for employment, allowing for both union and non-union employees.

Pure Monopsony Power

A market condition where there is only one buyer for a product or service, giving that buyer significant control over prices.