Which economic concept is the closest to the saying "There's no free lunch"?
a. Specialization
b. Unlimited wants
c. Underutilization of resources
d. Opportunity costs
e. Overutilization of resources
d
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The motivation for collective action is to do things that benefit society as a whole
a. True b. False
The equation of exchange is M × Y = P × V
a. True b. False Indicate whether the statement is true or false
Among the most important demand side factors explaining homes prices would be the
A. average wage paid to carpenters. B. cost of lumber. C. number of homebuilders. D. income of potential homebuyers.
Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect a reduction in foreign output (Y*) will have on the domestic economy. In your graphs, clearly label all curves and equilibria
What will be an ideal response?