The phrase "no such thing as a free lunch" means
a. people must face tradeoffs.
b. rational people think at the margin.
c. people respond to incentives.
d. trade can make everyone better off.
a
Economics
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Which of the following statements is true?
A) An economy's production possibilities curve is convex to the origin. B) The opportunity cost of producing a good decreases as more resources are used for its production. C) The production possibilities curve of a country is fixed in the short run. D) The slope of the production possibilities curve represents the terms of trade between two states.
Economics
Aggregate demand is _____________.
Fill in the blank(s) with the appropriate word(s).
Economics