5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher The cost of decision expressed in terms of the next best recession alternatives • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism and government • The government commands how all resources are used
5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher The cost of decision expressed in terms of the next best recession alternatives • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism and government • The government commands how all resources are used
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
Problem 3PA
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