There is no such thing as a free lunch." This statement best reflects which of the following?
What will be an ideal response?
An opportunity cost is always present when scarce resources are used to produce an item.
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The actual multiplier for the U.S. economy is estimated to be
a. about 10. b. approximately 5. c. between 3 and 4. d. less than 2.
Which of the following would necessarily create a surplus at the original equilibrium interest rate in the loanable funds market?
a. an increase in the supply of or a decrease in the demand for loanable funds b. an increase in the supply of or an increase in the demand for loanable funds c. a decrease in the supply of or a decrease in the demand for loanable funds d. a decrease in the supply of or an increase in the demand for loanable funds
A tariff is best described as a
A. tax on exported goods. B. a tax on a good that is imported. C. payment by the government to domestic producers to improve their competitive position in world markets.
Refer to Scenario 7.2. Suppose that you receive an order for 60 earthquake detectors. How much labor will you use to minimize the cost of 60 earthquake detectors?
A) 1 B) 5 C) 10 D) 45 E) none of the above