Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization
b. Unlimited wants
c. Underutilization of resources
d. Opportunity costs
e. Overutilization of resources
d
You might also like to view...
Which of the following would a behavioral economist be most likely to study?
a. how raising price affects demand for new technology products with no known substitutes b. the effect of consumer equilibrium on a hypothetical transnational marketplace c. how websites that favor one- or five-star customer reviews influence purchasing decisions d. the effects of financial debt on the psychological health of consumers and appropriate treatments
Which of the following factors is most likely to lead to a decline in a country's exports?
A. A decline in the country's nominal interest rate B. A decrease in the country's corporate taxes C. An appreciation of the country's currency vis-à-vis foreign currencies D. A decline in the country's input prices
Among countries with Per Capita GDP in 2004 of less than $2,000, the opportunity cost of increased education and literacy for young workers might be measured as
A. increased investment in improved infrastructure. B. increased consumption among the educated elites. C. new palaces and more soldiers for the ruling party. D. shortages of food or health care for the poor.
In order to save money, Medicaid has
A. denied use of emergency room services for non-emergency care. B. begun to utilize HMOs. C. begun to utilize HMOs and denied use of emergency room services for non-emergency care. D. begun to utilize fee-for-service plans.