There is no such thing as a free lunch." This is an example of which economic concept?
A. Maximization
B. Trade-offs
C. Basic necessities
D. Income effect
B. Trade-offs
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The compulsory military service in the United States which was required from 1940 until 1973 was known as the draft
Indicate whether the statement is true or false
An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.
A margin requirement is
a. the minimum amount of reserves the Fed requires a bank to hold b. the interest rate that the Fed requires from banks who borrow from it c. the marginal interest rate on loans made by banks to other banks d. the maximum percentage of the price of a stock that can be borrowed from a bank, with the stock offered as collateral e. an appeal by the Fed to banks, asking for voluntary compliance with the Fed's policies
Define the following terms and explain their importance to the study of economics:
a. regressive tax b. proportional tax c. progressive tax d. direct tax e. indirect tax