"The economic wealth of this country is primarily the result of the profit made by some individuals at the expense of others." The person who made this statement
What will be an ideal response?
has failed to comprehend that mutual gains result from specialization and exchange.
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Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society. b. Markets determine the distribution of output among members of society, but not what goods are going to be produced. c. Markets determine both what goods are going to be produced and the distribution of output among members of society. d. Government can redistribute income without changing what will be produced in a society.
If a farmer's opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false