The expression, "There's no such thing as a free lunch," implies that
What will be an ideal response?
opportunity costs are incurred when resources are used to produce goods and services.
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Values can be classified in several ways according to the book, which one of these was not listed
a. Absolute and relative b. Intrinsic and extrinsic c. Traditional and prophetic d. Instrumental and terminal
What monetary policy can be used to reduce demand-pull inflation?
What will be an ideal response?
Which of the following is an example of economies of scale?
A. To attract firms to locate in its state, the state government reduced the tax rate that businesses must pay on its profits, thus lowering the costs to firms who locate in the state. B. As the computer industry has expanded, the number of professionally trained computer programmers has also increased, which has caused the salaries of computer programmers to increase. C. A firm increases in size and is therefore able to lower its health insurance costs because as the size of the group insured increases, the premium per person decreases substantially. D. As the demand for calculators increased, the price of calculators actually fell.
As part of its proposal to win the 2012 Olympics, London developed a carbon offset plan to reduce the Games' impact on the environment. In 2011, the organizers decided to drop this plan to reduce emissions. We can conclude that
A) the marginal cost of reducing emissions exceeded the marginal benefits of reducing emissions. B) the organizers are not making a rational decision. C) the organizers are ignoring a sunk cost. D) there are no incentives to reduce carbon emissions. E) it is difficult to calculate the cost of reducing emissions.