What do economists mean when they say that "there is no such thing as a free lunch?"
What will be an ideal response?
Everything has a cost, even when you do not pay money for it. Suppose that somebody bought you lunch. Resources from the economy were used to make that lunch, even though those resources may not belong to you. Consequently, the economy gave up anything else it could have made with the resources it used to make the lunch. The opportunity cost of that lunch is the lost opportunity to use those resources in some other way.
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Suppose someone told you that the chain-weighted price index for GDP in a country was 135. Why does this fact not convey much information to you?
What will be an ideal response?
The working-age population is defined as the number of
A) people over the age of 16 who are not in jail, hospital, or other institution. B) people who have a job. C) people working full-time jobs who are over the age of 16. D) people looking for work.