According to chapter 1 in your textbook, while economic theory offers a biased perspective on social phenomena,
A) it deserves our confidence, but only when it is confined to the monetary or financial sector of society.
B) it is useless to anyone who rejects the free market system.
C) it is nonetheless worth learning.
D) it is superior to all the other social sciences.
C
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In a frictionless world
A) Fully funded social security must necessarily make everyone better off, as it provides for retirement. B) Fully-funded social security is a constraint on private saving behavior, and therefore cannot make anyone better off. C) Fully funded social security is always preferred to pay-as-you-go social security. D) Fully funded social security is more efficient, because it is a private program instead of a government program.
In the aggregate expenditures model, if an economy operates below equilibrium GDP, there will be unplanned inventory accumulation
a. True b. False Indicate whether the statement is true or false