What does "there is no such thing as a free lunch" mean in economics?
A. Sometimes people may take friends out to lunch and pay for them.
B. All items in the lunch menu have specific prices.
C. Products only have value because people are willing to pay for them.
D. Scarce resources are used up to provide "freebies" and giveaways.
Answer: D
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Technical change that results in a change in the production process is known as disembodied technical change.
Answer the following statement true (T) or false (F)
For a person to keep his real income steady at a certain level from one year to the next, his nominal income must:
A. Rise if the price index falls B. Stay the same as the price index rises C. Fall if the price index rises D. Rise as fast as the price index
Refer to the above figure. Line BCD is called
A) the consumption function. B) the 45-degree line. C) the savings function. D) the saving function.
If the interest rate is positive, the future value of an interest bearing investment is always larger than the present value
What will be an ideal response?