The saying "There's no such thing as a free lunch," applies
A) when there is some unemployment.
B) on the production possibilities frontier.
C) at all points inside the PPF.
D) to unattainable combinations of goods and services.
E) when more of one good can be produced without decreasing production of another.
B
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All of the following are associated with a mixed economy except
A. some public influence over the workings of free markets. B. public ownership mixed in with private property. C. public ownership of the society’s productive resources. D. different countries blending the state and market sectors in different ways.
Members of which European Union institution are popularly elected?
What will be an ideal response?
Economic theory predicts a close relationship between productivity and real wages. Does history confirm this relationship?
According to David Ricardo's explanation of land rent, what happens when the demand for land increases?
A. Revenues to owners of land increase but economic rent declines. B. The amount of economic rent stays constant, constrained by a perfectly inelastic supply curve. C. The supply curve shifts to the right just enough to keep the price per acre constant. D. Both revenues to owners of land and economic rent increase.