Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?
a. Michelle can attend the concert only if she takes her sister with her.
b. Michael is hungry and homeless.
c. Andrea must repair the tire on her bike before she can ride it to class.
d. Dani must decide between going to Florida or Brazil for spring break.
d
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Which of the following must be true if good X is a normal good and income increases?
a. The demand for X will increase, and thus the price and quantity sold and bought will decrease. b. The demand for X will decrease, and thus the price and quantity sold and bought will decrease. c. The demand for X will increase, and thus the price and quantity sold and bought will increase. d. The demand for X will decrease, and thus the price and quantity sold and bought will increase. e. The demand for X will increase, and thus the price and quantity sold and bought will remain the same.
Which of the following services have experienced declines in relative prices due to productivity increases?
A. Medical services B. Restaurant meals C. Theatrical performances D. Internet access services
Assume a nation's current production possibilities are represented by the curve AB in the above diagram. Positive economic growth would best be indicated by a:
A. shift in the curve from AB to CD. B. movement from point 3 to point 4. C. shift in the curve from AB to EF. D. movement from point 1 to point 2.
If transaction costs can be reduced in a marketplace, then total producer and consumer surplus will
A. increase first and then decrease. B. stay the same. C. increase. D. decrease.