Review the following statement. "He who has choice has pain." What is meant by this?
What will be an ideal response?
"He who has choice has pain" refers to the sad but unavoidable fact that whatever we decide to do is going to have a cost. If we decide to buy a hamburger it means we can't buy a chicken sandwich. The sentence is primarily focused on the idea that all choices involve opportunity costs.
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The percentage of the population that lived in urban areas rose from approximately 5% in 1790 to 40% in 1860
Indicate whether the statement is true or false
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
If the U.S. interest rate is 5% and the interest rate in Germany is 2%, and the euro is expected to appreciate by 2% over the next year, then investors would:
a. sell dollars in the spot market. b. buy euros. c. seek to invest in the United States. d. seek to invest in Germany.
If technological advancements reduce the cost of pollution abatement, all else equal:
A. the price of a pollution permit will fall. B. the price of a pollution permit will increase. C. the government will be forced to issue more permits. D. the government will be forced to issue fewer permits.