Socialism in theory is based on the principle that individuals should:
A. cooperate with one another to meet their needs.
B. rely on the government to meet their needs.
C. look out for their own interests and let the government look out for the public interest.
D. compete with one another to meet their needs.
Answer: A
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If Tom and Di specialize in producing the goods in which he and she have a comparative advantage and they exchange goods, then ________
A) each will produce a combination of goods that is within her/his production possibility frontier B) they will lose because they are no longer able to produce and consume both goods C) each will gain because each can consume a combination of goods that is outside her/his production possibility frontier D) one of them will gain and the other will lose
"Barter" implies that
A) to get one good or service, an individual offers another. B) to get one good or service, an individual offers money. C) to get a check, an individual offers a good or service. D) different kinds of money are exchanged for each other. E) none of the above