According to the textbook, what was Adam and Eve's economy like?
a. primitive, because technology in the Garden of Eden was non-existent
b. wasteful, because Adam and Eve did not know how to use the abundant resources available
c. underemployed, because there were only two workers
d. there was no economy because there was no reason to economize
e. the same as ours because the law of scarcity is universal
D
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One of the strengths of a socialist economy, according to those who advocate such a system, is that government intervention will enable a more equitable distribution of income and therefore goods and services produced
a. True b. False Indicate whether the statement is true or false
If workers demand wage compensation in advance of inflation, the economy's aggregate supply curve will
a. have a positive slope. b. have a negative slope. c. be vertical. d. be horizontal.