Question

In: Economics

Select whether each government policy listed in the following table would increase or decrease the country’s...

Select whether each government policy listed in the following table would increase or decrease the country’s level of economic freedom.

Policy

Increases Economic Freedom

Decreases Economic Freedom
New monetary policy supports a stable currency and low inflation.
Enforcement of contracts are made predictable and fair.
Tariffs and quotas on international trade are raised.
The use of government and the political process, rather than markets, to allocate and control resources is increased.

Solutions

Expert Solution

Economic freedom implies that individuals are free to excercise their economic rights.

Economic freedom implies that private property rights are secured and contracts are enforced in fair and transparent manner.

It also implies that policies are formulated in transparent manner and economic activities are promoted coupled with promotion of free trade

It also includes that resources are allocated based on market forces rather than any central control or political interference.

Following is the complete table -

1. New monetary policy supports a stable currency and low inflation Increases Economic Freedom
2. Enforcement of contracts are made predictable and fair

Increases Economic Freedom
3. Tariffs and quotas on international trade are raised Decreases Economic Freedom
4. The use of government and the political process, rather than markets, to allocate and control resources is increased Decreases Economic Freedom

Rahul Sunny answered 1 month ago
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