Which of the following statements is true?
a. The United States today comes closer to the socialist form of economic organization than it does capitalism.
b. When central planners set prices above equilibrium for goods and services they create shortages.
c. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital.
d. Adam Smith argued that government's role in society would be to do absolutely nothing.
c
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The long-run average cost curve
a. is a composite of short-run AC curves. b. shows the lowest possible short-run AC corresponding to each output level. c. depends on the firm's planning horizon. d. All of the above are correct.
The M1 money supply is composed of:
A. checkable deposits and currency. B. savings deposits and time deposits. C. money market mutual funds held by businesses. D. money market mutual funds held by individuals.