Trade-off situation.

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Chapter 29, Problem 3SQP

To determine

Trade-off situation.

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35 of 178 countries—about 20 percent—grant their residents significant economic freedom. The rest do not. Looking for explanations applies various analytics. One prominent explanation is that in some countries, notably western markets, ___________ (praise OR Criticism; select ONLY one that applies) for/of the virtues of economic freedom has turned to _____________ (concern or disregard; select ONLY one that applies) of its deficiencies. In others, notably emerging economies, we see the ______________ (opposite OR Same) sorts of circumstances.

Every year the Heritage Foundation ranks almost every country by its economic freedom. The Economic Freedom Index uses data from sectors like ______________ (Sociology, Globalization, Foreign Direct Licensing, Anthropology, OR Business; Select ONLY one that applies), ________________ ( Trade, Joint ventures, Migration, OR regionalization; select ONLY one that applies), and governance and policy to generate a score with _____________ (100 OR 0) being the most free, and likewise a score of _____________ (100 OR 0) indicating no freedom.

Think of, for example, the police force that protects property rights, market regulators that ensure fair competition, monetary authorities that monitor a sound currency, or an impartial judiciary that enforces business contracts. Each, as an agent of the state, safeguards economic freedom. Hence, economic freedom does not exist ___________ (independently OR interactively) of the state. Rather, it is both _____________ (protected OR threatened) and _________________ ( liberated OR regulated) by the state.