Countries That Have Adopted Liberal Reforms and Substantially Increased Their

question 115

Multiple Choice

Countries that have adopted liberal reforms and substantially increased their economic freedom rating in recent years

• A) experienced falling income levels per capita during 1995-2009.
• B) grew slowly during 1995-2009.
• C) achieved impressive growth rates of real GDP per person during 1995-2009.
• D) have grown less rapidly than high income industrial economies.

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Definitions:

Profit

The financial gain made in a transaction or operation, calculated as the difference between revenue and costs.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the quantity of output changes.

Short Run

A period in economics during which at least one input is fixed and cannot be changed by the company.

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that producers are willing and able to supply.