The expression, "There's no such thing as a free lunch," implies that
a. everyone has to pay for his own lunch.
b. the person consuming a good must always pay for it.
c. opportunity costs are incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.
C
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In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. The slope of the aggregate expenditures model line is
A. 0.90. B. 0.80. C. 0.20. D. 0.99.
When a binding price floor is imposed on a market to benefit sellers, a. no sellers actually benefit
b. some sellers benefit, but no sellers are harmed. c. some sellers benefit, and some sellers are harmed. d. all sellers benefit.
An example of income earned but not received is
A) welfare payments. B) Social Security payments. C) undistributed profits. D) a and b E) a, b, and c
In what situation would a macroeconomist find real gross domestic product most useful?
a. when reporting the figures for economic growth in the latest quarter b. when comparing economic growth during two different decades c. when measuring the change in the unemployment rate over the past decade d. when analyzing what factors affect changes in the price level over time