Author Question: Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would ... (Read 150 times)

altibaby · **on:** Jun 29, 2018

Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would therefore

A) generate tremendous economic growth.
B) overcome scarcity.
C) lead to a greater coordination among peoples' production and consumption plans.
D) allow everybody the opportunity to seek their comparative advantage.
E) accomplish none of the above.

Question 2

Refer to the figure above. What is the total surplus after Lithasia opens up to free trade?

A) 15
B) 25
C) 27
D) 35