Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________

What does the saying "There is no such thing as a free lunch" mean?

a. free lunches were outlawed in 1920 b. You will receive a bill for the "free" lunch at a later date c. free lunches often cause food poisoning d. everything costs something

Which of the following has been a problem faced by the FDIC in its provision of federal deposit insurance?

A) a relatively low number of bank failures each year, which has reduced the need for deposit insurance B) moral hazard arising from the tendency for the highest-risk banks to be those most interested in obtaining deposit insurance in the first place C) adverse selection arising from the tendency for banks to take on more risk after they receive deposit insurance D) moral hazard arising from the tendency for banks to take on more risk after they receive deposit insurance