Explain why an economist would say, "There is no such thing as a free lunch."
What will be an ideal response?
All resources are scarce. Any time a scarce resource is used in one way, the opportunity to use the resource in other ways is given up. The resources used to produce a 'free lunch' could have been used to produce other goods or services, so an opportunity cost is incurred.
Economics
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The statement "Resources employed in producing X are better suited to making Y" is another way of saying resources
a. are specialized. b. are scarce. c. are used inefficiently. d. are unproductive. e. have no opportunity cost.
Economics
Through good economic years and bad, many European economies had unemployment rates hovering near _________ since the 1970s.
A. 40% B. 10% C. 20% D. 15%
Economics