Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?
a. Private property rights
b. Economic freedom
c. Scarcity
d. Opportunity cost
e. Gains from trade
d
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Linda noticed that ever since her brother bought theft insurance for his car, he keeps forgetting to lock his car. Her brother's behavior is an example of ________
A) adverse selection B) moral hazard C) a positive externality D) a pecuniary externality
If the increase in government expenditures of World War II (1941–45) is matched against the decrease in private investment and consumption during the same period, it was the end of World War II that officially concluded the depression era, not
the start of World War II, according to Robert Higgs (2007). Indicate whether the statement is true or false
Say’s law and Keynes’ law can both be illustrated in the ______________ model.
a. input/output b. circular flow c. AD/AS d. neoclassical
An increase in the dollar price of the Mexican peso (an appreciation of the peso) would cause
a. Mexico's imports to increase and exports to decline. b. Mexico's exports to increase and imports to decline. c. both Mexico's imports and exports to decline. d. both Mexico's imports and exports to rise.