The expression "There's no such thing as a free lunch" means
a. if one person gains, someone else must lose.
b. each person must pay for exactly what he or she receives.
c. when scarce resources are used to produce one good they are unavailable to produce others.
d. you cannot have a free lunch at the expense of someone else.
c. when scarce resources are used to produce one good they are unavailable to produce others.
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Some governments have made great efforts to "formalize" informal firms by extending regulations and their enforcement. Might governments be better advised to ignore, or even help, informal firms?
What will be an ideal response?
The rivalry versus nonrivalry issue is
A. relevant to the issue of market failure. B. not relevant to the issue of market failure. C. relevant to the free-rider problem. D. a and c E. b and c
A bank's balance sheet can show a negative net worth and yet its income statement can show a profit for the year
a. True b. False
Most regional trade and WTO agreements practice
A) the harmonization standards only. B) separate standards only. C) mutual recognition standards only. D) a combination of harmonization, mutual recognition, and separate standards.