QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True
QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education