Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization
b. Unlimited wants
c. Underutilization of resources
d. Opportunity costs
e. Overutilization of resources
d
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New growth theory asserts that
i. human capital grows because of choices. ii. discoveries result from choices. iii. competition brings profits. A) i only B) ii only C) iii only D) both i and ii E) both i and iii
A monopolist that can practice perfect price discrimination will not impose a deadweight loss on society
a. True b. False Indicate whether the statement is true or false
Which of the following is an appropriate monetary policy if the Fed wants to increase the money supply?
A. an increase in the required reserve ratio B. an increase in the discount rate C. purchases of bonds in open market operations D. an increase in taxes on interest income
If the aggregate supply curve is flat,
A. contractionary fiscal or monetary policy will reduce inflation with little effect on real GDP. B. contractionary fiscal or monetary policy will cause significantly less inflation. C. expansionary fiscal or monetary policy will add significantly to real GDP will little effect on inflation. D. expansionary fiscal or monetary policy will add little to real GDP but will increase inflation significantly.