2-If people tried to produce as much of what they need on their own, then this would lead to a more efficient use of the economy’s resources.

3-A division of labor enhances a society’s total output by permitting people to take advantage of existing differences in their abilities and skills.

4-One of the most important economic resources is money.

     True

5Maximizing profits always means the same thing as maximizing revenues.

6If economic profits exist in an industry, resource suppliers will be enticed into expanding the industry.

7-The choice of the most efficient production technique is not affected by how much buyers want to buy the product.

8-In a competitive market economy, firms and resource suppliers will seek to further their own self-interest and at the same time, as if guided by an “invisible hand,” they will promote the public interest.

9-The problems of central planning become more complex as an economy grows over time.

10A corporation is a type of business firm where the debt of the firm is fully its owners’ debt as well.