Jose and Julia were discussing the necessary components to achieve economic growth. Jose stated that the economy must include free markets, specialization and trade, and an ethical judicial system. Julia reminded Jose that another key component is
A) property rights.
B) freedom of speech.
C) a guaranteed high rate of return on savings.
D) freedom of religion.
E) democracy.
Question 2
What is an opportunity cost? Give an example.
What will be an ideal response?