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Principles of Economics: Chapter 12

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Questions and Answers

What is the fundamental idea behind the principle 'There ain't no such thing as a free lunch'?

That free things are always available

That money is the only thing that matters

That everything has an opportunity cost (correct)

That we can have everything we want

What is the primary problem that society faces?

Unlimited resources

No resources at all

Scarcity of resources (correct)

Abundance of resources

What is the concept that is illustrated by the example of a student deciding how to allocate time?

Economic growth

Opportunity cost

Trade-off

Rational choice theory (correct)

What is the trade-off faced by society in terms of national defense and consumer goods?

Guns or butter (A) Signup and view all the answers

What is the concept that is illustrated by the example of parents deciding how to allocate their income?

Resource allocation (A) Signup and view all the answers

What is the principle that states that people face trade-offs?

Principle 1 (B) Signup and view all the answers

What is the relationship between inflation and unemployment, according to Principle 10?

They have a short-run trade-off (C) Signup and view all the answers

What is the opportunity cost of studying for one more hour?

Giving up one hour of TV (D) Signup and view all the answers

What is the concept that is illustrated by the example of society facing a trade-off between a clean environment and a high level of income?

Trade-off (D) Signup and view all the answers

What is the concept that is illustrated by the example of a student deciding how to allocate time between studying and watching TV?

Resource allocation (B) Signup and view all the answers