There is no free lunch means
A) each action has a cost.
B) each choice involves a free item.
C) each decision has elements of free goods in it.
D) if you get your lunch paid for by someone else, it is free, but if you have to pay, it is not free.
E) if you are invited to lunch by someone, you are not expected to pay for it.
A
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The natural unemployment rate is the unemployment rate that exists when there is no
A) cyclical unemployment. B) frictional unemployment. C) structural unemployment. D) unnecessary unemployment. E) cyclical or structural unemployment.
What is meant by the term "rational ignorance"?
A) It refers to the fact that policymakers and their constituents have different ideas of what it means to behave rationally and each party deliberately ignores the other's view. B) It refers to the absence of a negative incentive, such as levying a fine for not voting, which results in low voter turnout. C) It refers to a situation where one policymaker deliberately approves legislation he does not support in exchange for a future favorable vote for his own cause. D) It means the lack of an economic incentive for voters to become informed about a pending vote.