The expression "There's no such thing as a free lunch" means that
a. services may be free, but goods are never free
b. even if it has a price of zero, a good or service has a cost
c. charitable organizations should not serve free lunches to the poor
d. poor people are really the ones who pay for their allegedly free lunches
e. someone has to pay the market price for a good or service
B
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Refer to Figure 18.1. The opportunity cost of bicycles in Canada is
A) 1/2 of a hang glider. B) 2/3 of a hang glider. C) 2 hang gliders. D) 4 hang gliders.
At any given quantity, the cost of the marginal seller is the height of the __________
Fill in the blank(s) with correct word
If the Federal Reserve increases the money supply, then initially people want to
a. sell bonds so the interest rate rises. b. sell bonds so the interest rate falls. c. buy bonds so the interest rate rises. d. buy bonds so the interest rate falls.
At the personal income of $11.5 trillion (approximately equal to 2009 level), public saving s is predicted to be about ______________.
Fill in the blank(s) with the appropriate word(s).