A market system does not operate based on self-interest
a. True
b. False
Indicate whether the statement is true or false
False
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The economic problem refers to
A. not having enough money. B. the attempt "to secure the greatest amount of pleasure with the least possible outlay". C. the notion that the wealth of nations depends on that country's ability to produce goods and services. D. None of the choices are true.
If resources are used efficiently, then ________
A) marginal social cost is minimized B) consumer surplus plus producer surplus is maximized C) consumer surplus equals producer surplus D) producer surplus is maximized
What is the social interest? Distinguish it from self-interest. In your answer give an example of self-interest and an example of social interest
What will be an ideal response?
The use of abstraction in economics is analogous to the use of a road map providing directions to a location
a. True b. False Indicate whether the statement is true or false