The saying that "There's no such thing as a free lunch" refers to the:
A. marginal principle.
B. spillover principle.
C. principle of opportunity cost.
D. reality principle.
Answer: C
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Which of the following is most likely a topic of discussion in macroeconomics?
a. an increase in the price of a pizza b. a decrease in the production of DVD players by a consumer electronics company c. an increase in the wage rate paid to automobile workers d. a decrease in the unemployment rate
Suppose that land is specific to agriculture, capital is specific to manufacturing, and labor is mobile between sectors. According to the specificfactors model, if this country begins importing manufactured goods, which factor will experience the highest unemployment?
a. Labor b. Capital c. Land d. No factors will experience unemployment.
____ is a doctrine that holds that exports are good for a country, whereas imports are harmful.
A. Supply-side economics B. Mercantilism C. Free trade D. Monetarism
Which of the following is an obstacle to economic development?
A. immigration B. openness to trade C. foreign direct investment D. poorly defined property rights