The expression "There's no such thing as a free lunch" means
A) each person must pay for exactly what he or she receives.
B) when scarce resources are used to produce one good they are unavailable to produce others.
C) you cannot have a free lunch at the expense of someone else.
D) if one person gains, someone else must lose.
B) when scarce resources are used to produce one good they are unavailable to produce others.
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Microsoft wants to calculate the effect of a worldwide 5% price cut on its sales of Excel to clients in different countries. Microsoft sells Excel at different prices in U.S., Japan and Europe. Before the price cut U.S
sales were twice sales in Japan and Europe. If the price of elasticity of demand in the U.S., Japan and Europe are -3, -4, and -2 respectively, the worldwide sales rise by A) 10%. B) 15%. C) 20%. D) 25%. E) none of the above
In the short-run, if the Federal Reserve increases interest rates, then consumption and investment ________, planned aggregate expenditure ________, and short-run equilibrium output ________.
A. increase; decreases; decreases B. decrease; decreases; decreases C. increase; increases; increases D. increase; increases; decreases
Which of the following is a significant change in public policy in the U.S. since the 1980s?
A. Significant decrease in property tax rates B. Decline in tax rates on capital gains C. Increase in tax rates on carried interests D. Significant increase in inheritance tax rates
According to the law of demand, a decrease in the price of a good causes
A. an upward movement along the demand curve for that good. B. a rightward shift of the demand curve for that good. C. a downward movement along the demand curve for that good. D. a leftward shift of the demand curve for that good.