The expression "There's no such thing as a free lunch" means
a. in an exchange, if one person gains, someone else must lose.
b. each person must pay for exactly what he or she receives.
c. the use of resources to meet one need means that those resources can no longer be used to meet another need.
d. in an exchange, if one person gains, someone else must lose and equal amount.
C
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The period over which a call or put option exists is
A) determined by its delivery date. B) determined by its expiration date. C) determined by whether the contract is written for a commodity or for a financial instrument. D) indeterminate; options contracts continue in existence until either the buyer or the seller desires to discontinue it.
A cost curve drawn with years on the horizontal axis and costs per unit on the vertical axis would be a(n)
a. analytical cost curve. b. long-run cost curve. c. historical cost curve. d. theoretical cost curve.
According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this weekend if:
A. the extra benefits of seeing the movie are greater than the extra costs of seeing the movie. B. you really like Star Wars. C. the average benefit you get from going to the movies is greater than the average cost of a ticket. D. you can afford to go to the movies.
Exhibit 12-2 Unemployment categories Category# ofIndividuals Frictional unemployment 20 Structural unemployment 35 Cyclical unemployment 60 Discouraged workers 5 Underemployed workers 10 Fully employed workers410 Population900 The unemployment rate for the economy in Exhibit 12-2 is:
A. 12.8 percent. B. 21.5 percent. C. 22.2 percent. D. 30.5 percent.