The expression "There's no such thing as a free lunch" means
What will be an ideal response?
when scarce resources are used to produce one good they are unavailable to produce others.
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What is the largest component of spending in the United States?
A) investment spending B) government spending C) consumption spending D) net investment spending
As long as a market is contestable, then even if it has only a few sellers, the
a. threat of new entrants will prevent the prices from rising above the competitive level. b. producers will be able to charge prices that are high enough to produce long-run economic profits. c. producers will not face new competition because the barriers to entry are high. d. market will never be expected to come close to the competitive result.
Suppose a bank has $600,000 in deposits, a required reserve ratio of 5 percent, and bank reserves of $90,000. Then the bank can make new loans in the amount of
A. $60,000. B. $5,400. C. $90,000. D. $30,000.
Walmart accounts for ________ of U.S. GDP.
A. 10% B. nearly 3% C. less than 1% D. 15%