The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a. goods are scarce.
b. people face tradeoffs.
c. income must be earned.
d. households face many decisions.
b
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In 2015, full-time workers aged 25 and over with a college degree earned ________ school dropouts
A) 20 times as much as B) 2.5 times as much as high C) 5 times as much as D) roughly the same amount as
The above figure shows a graph of the market for pizzas in a large town. If the price price rises from 7 to 8, what is the change in quantity demanded for pizzas?
A) -10 B) -30 C) -20 D) 20
For the perfectly competitive firm, price
A) equals average revenue and marginal revenue. B) equals average total cost. C) changes as output changes. D) depends on the fixed cost for the firm.
In the long run, exchange rates
a. are determined by business cycle fluctuations b. are determined by movements of hot money c. will adjust until the price of a bundle of goods is the same in both countries d. will reflect economic fluctuations in both countries e. are still a mystery to most economists