The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals.
B) any production requires the use of scarce resources, and thus the sacrifice of another alternative.
C) choices need not be made in rational behavior.
D) scarcity only exists in poor societies.
Correct Answer:
Verified
Q19: Economics is a:
A) social science that deals
Q20: A key theme fundamental to all of
Q21: Whenever a choice is made:
A) the value
Q22: The problem of determining how goods and
Q23: The problem of determining what goods and
Q25: The problem of determining for whom to
Q26: The fundamental economic questions that every economic
Q27: Opportunity cost is:
A) the costs of all
Q28: A free good is:
A) also a scarce
Q29: In the 1930s, the federal government established
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