Central planning systems were used in the former Soviet Union but since this union dissolved no other nations now use this allocation process.

Opportunity cost is best defined as:

a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.

Once state and federal taxes are added together, a typical worker faces about a 40 percent marginal tax-rate on interest income

a. True b. False Indicate whether the statement is true or false