Necessary for people to have genuine individual freedom

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Reference no: EM132169998

1. What is necessary for people to have genuine individual freedom:

a. Low unemployment and property rights

b. Reasonable minimum wages and socialism

c. Low taxes and the rule of man

d. Economic liberty and the rule of law

e. Pure democracy and low taxes

2. The comparative advantage theory holds that a country will gain from trade ________.

a. when it exports products for which it has an acquired advantage and imports products for which another country has a natural advantage

b. if it exports goods it can produce more efficiently than other countries and imports goods other countries can produce more efficiently than it can

c. even though it can produce all goods more efficiently than other countries

d. if it exports products using its abundant production factors in exchange for products for which it has scarce production factors

3. If business owners conduct business internationally and operate in countries with high uncertainty and unstable political systems they should protect their investments and companies by:

a. Identifying the risks

b. Minimizing the risks

c. Insuring against the risks

d. Having an exit strategy

e. All of the above

f. None of the above

Reference no: EM132169998

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