The saying that "There's no such thing as a free lunch" refers to the
A) spillover principle. B) marginal principle.
C) principle of opportunity cost. D) reality principle.
C
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Based on the work of economist A.W. Phillips, economists concluded that
A) there is no trade-off between inflation and unemployment. B) high inflation rates are associated with low unemployment rates. C) unemployment can be effectively combated by raising wages. D) higher rates of inflation are associated with higher rates of unemployment.
If the business taxes decreased for a firm, then we might expect investment spending to:
A. remain constant. B. decrease. C. increase. D. there is not enough information to determine what would happen.
If the discount rate is 5 percent, the present value of annual $100,000 payments in perpetuity (i.e., continued indefinitely into the future) is
a. $2,000,000 b. $1,246,296 c. $1,000,000 d. $976,463 e. infinite
A period of sustained growth in output in an economy is referred to as a(n) _____
a. expansion b. contraction c. peak d. trough e. recession