Economists talk about trade-offs a lot because they have come to understand that whenever there is a winner from a policy or transaction, there must also be a loser.
Answer the following statement true (T) or false (F)
False
Rationale: One of the fundamental lessons of economics is that there are many situations when everyone can win. In a willing trade (i.e., I pay $2 for a cappuccino to the coffee shop owner), no one is hurt, and both of us are better off.
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From the last five recessions, the mildest two were
A) 1975 and 2008-09 recessions. B) 1981-82 and 2008-09 recessions. C) 1990-91 and 2001 recessions. D) 1975 and 2001 recessions.
The impact of technology on health care has
A) provided for a higher quality of life. B) increased health care costs. C) contributed to increased life expectancy. D) All of the above are correct.
If we were on curve K, the poorest quintile received about _____% of income.
A. 3
B. 6
C. 13
D. 20
The law of supply states that an increase in the price of a good
a. decreases the demand for that good b. decreases the quantity demanded for that good c. increases the supply of that good. d. increases the quantity supplied of that good. e. does none of the above