Question
2 Whatever must be given up to obtain some item ? a. ways and means b. allocation c. foregone conclusion d opportunity cost e none
2 Whatever must be given up to obtain some item ?
a. ways and means
b. allocation
c. foregone conclusion
d opportunity cost
e none of the above
3. A communist country is most likely to have this kind of economic system ?
a. a common market economy based on common goods and efficiency
b. a capitalist economy based on unregulated markets
c. a Milton Friedman economy based on creative destruction
d a command economy dictated by central planners
e modified socialist economy
4. The impact of one person's actions on the well-being of another ?
a. direct effect
b. eco-consequences
c. incidence
d externality
e none of the above
5. In the circular model of an economy ?
a. factors of production are owned by households
b. factors of production are owned by firms
c. an actiengesselschaft is the same as a household
d. markets for goods and services flows from households
e. none of the above
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