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In the former Soviet Union most goods and services were produced by _____________; in the United States most goods and services are produced by ____________.


A) the government; private enterprise
B) the government; the government
C) private enterprise; the government
D) private enterprise; private enterprise

E) A) and D)
F) A) and C)

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Which of the following economists believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods?


A) Adam Smith
B) Thorstein Veblen
C) Milton Friedman
D) Karl Marx
E) John Maynard Keynes

F) A) and B)
G) A) and E)

Correct Answer

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