The assertion that "there is no free lunch" means that
A. there are always trade-offs between economic goals.
B. marginal analysis is used in economic reasoning.
C. rational choices do not involve excessive costs.
D. all production has an opportunity cost.
Answer: D
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If the United States could produce 4 tons of potatoes or 2 tons of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, the country with the comparative advantage in producing potatoes is ____ and the country with the absolute advantage in producing potatoes is ____
a. the United States; the United States b. the United States; Ireland c. Ireland; the United States d. Ireland; Ireland
Suppose an economy produces only three products, A, B, and C. Quantity purchased and changes in the prices of these items over a period are shown below:??Average Price Per UnitProductQuantityYear 1Year 2A10$10$8B152022C85055Using year 1 as a base, the value of the country's nominal GDP in year 2 is:
A. the same as nominal GDP in year 1. B. $850, assuming no change in quantity from year 1 to year 2. C. $800 assuming no change in quantity from year 1 to year 2. D. $3,270 assuming no change in quantity from year 1 to year 2.
If we counted the value of non-cash, or in-kind, benefits given to the poor by the government, the poverty rate would be
A. higher. B. lower. C. not affected.
The percentage of work time lost due to strikes in the United States has been increasing over time.
Answer the following statement true (T) or false (F)