All choices have monetary costs.
a. true
b. false
Ans: b. false
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Which of the following statements is true?
a. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. b. Adam Smith was the father of socialism. c. In capitalism income is distributed on the basis of need. d. Most real-world economies are mixed economic systems.
Using the interest rate as a measure of the opportunity cost of holding money, the demand for money curve
A. slopes downward with respect to the rate of interest. B. is vertical. C. is not affected by the price level. D. slopes upward with respect to the rate of interest.
Which of the following statements best summarizes the essence of public choice analysis? a. Public choice analysis applies economic principles to political science issues
b. Public choice analysis applies political science principles to traditionally economic issues. c. Public choice analysis assumes that government leaders are primarily motivated by what is best for the community, unlike private interest groups. d. none of the above
Comparative advantage matters most in determining the efficient distribution of production over the world
a. True b. False Indicate whether the statement is true or false