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True or False
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1
Adam Smith believed that when people are free to seek their own self interest, they work hard to improve their own welfare and in doing so would also benefit society as a whole.
A)TRUE
B)FALSE
2
A market in which a few large firms dominate a market is known as a monopoly.
A)TRUE
B)FALSE
3
Heath is a baker who sells a lot of apple pies. Currently, Heath charges $5 for each pie, but he believes that they are worth much more than that. He has decided to raise the price to $6.50 per pie. While this strategy will increase the revenue he receives from each pie he sells, it is also likely to reduce the quantity his customers purchase.
A)TRUE
B)FALSE
4
Recently, most countries of the world have been moving either toward pure capitalism or toward pure socialism.
A)TRUE
B)FALSE
5
Senator Les Taxenspend has just made a speech deploring the big deficits in the federal budget. He is proposing big cut in government spending and a modest increase in taxes to gradually reduce the size of the national debt over a period of several years. The strategy Senator Taxenspend is proposing is a common type of monetary policy.
A)TRUE
B)FALSE





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