All decisions involve opportunity cost
a. True
b. False
Indicate whether the statement is true or false
True
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Food stamps and Medicaid are examples of
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures e. capital gains
Economists usually assume
a. that Americans' preferences are systematically different from Europeans b. that there are some features common to the preferences of a wide variety of people c. that everyone has the same preferences d. that everyone has the same preferences that they (the economists) do e. that individuals prefer to purchases goods rather than services
Which of the following is true of a rise in the price of a good that is measured on the horizontal axis?
a. It causes the budget constraint to rotate outward on the horizontal axis. b. It causes the budget constraint to rotate outward on the vertical axis. c. It causes the budget constraint to rotate inward on the horizontal axis. d. It causes a shift in the budget constraint.
The budget of an unconstrained government is similar to a common pool resource, and this will lead to
What will be an ideal response?