Explain the statement "There is no such thing as a free lunch."
What will be an ideal response?
The statement means that even if there is no overtly explicit cost attached to an activity, there is always an implicit cost, or opportunity cost, involved with every transaction. All goods and services must be paid for by someone, so you do not get something for nothing.
Economics
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"Net exports" is defined as
A) GDP minus imports. B) exports plus imports. C) GDP minus exports. D) exports minus imports.
Economics
When interest rates decrease, banks will normally
a. increase lending, but decrease deposits and the money supply. b. increase lending, deposits, and the money supply. c. decrease lending, but increase deposits and the money supply. d. decrease lending, deposits, and the money supply.
Economics