An economic system
a. must answer the three economic questions to the satisfaction of everyone in society
b. must not allow some members of society to gain an unfair advantage when answering the three economic questions
c. must choose pure capitalism to adequately answer the three economic questions
d. is a set of social institutions and mechanisms organized to answer the three economic questions
e. can address problems of scarcity only by embracing the social institution of private property
D
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The proposition of monetary neutrality states that changes in the money supply have:
A) no impact on output in the short run B) no impact on output in the long run C) no impact on the price level in the short run D) no impact on the price level in the long run
A horizontal demand curve is perfectly elastic
a. True b. False Indicate whether the statement is true or false