The concept that "there is no free lunch" reflects the notion that:
a. the benefit of certain "free" goods only accrues to society.
b. unlimited resources are used to produce so-called "free goods" that are given up in order to produce the aforesaid "free" goods.
c. scarce resources are used to produce so-called "free goods" that have alternative uses that are given up.
d. even if your friend pays for your lunch, you'll have to repay the favor at a later time.
c. scarce resources are used to produce so-called "free goods" that have alternative uses that are given up.
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If the price of almonds changed as a result of a change in the supply of almonds, is the demand for almonds elastic or inelastic? Explain your an-swer
What will be an ideal response?
List four types of government policies which can aid economic growth
What will be an ideal response?
A financial innovation that developed as a result of banks avoidance of bank branching restrictions was
A) money market mutual funds. B) commercial paper. C) junk bonds. D) bank holding companies.
When the Federal Open Market Committee meets it
a. looks only at the state of economy to determine how to conduct monetary operations in order to follow the monetary policy rule set by law. b. looks at the state of the economy and economic forecasts to determine how to conduct monetary operations in order to follow the monetary policy rule set by law. c. looks only at the state of the economy to determine the target it will set for the federal funds rate. d. looks at the state of the economy and economic forecasts to determine the target it will set for the federal funds rate.