Which of the statements below best captures the meaning of competition as discussed in Chapter 5?
A) Competition is a process; it makes everyone in the society better off even though there can only be one winner.
B) Competition is an individualist system in which people do not concern themselves with the welfare of others.
C) Competition is the law of the jungle producing social wealth.
D) Competition is the process of trying to outdo others.
E) Competition occurs when people strive to satisfy the criteria others are using to allocate valued goods.
E
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The objects we use as money today include
A) currency inside banks and bank deposits. B) currency outside the banks and bank deposits. C) only currency outside the banks. D) only deposits inside the banks. E) credit cards and debit cards.
Which of the following countries has experienced the worst hyperinflation since 2005?
a. Brazil b. Russia c. China d. Zimbabwe