Author Question: Which economic concept is the closest to the saying, There's no such thing as a free lunch? a. ... (Read 74 times)

Yolanda · **on:** Jun 30, 2018

Which economic concept is the closest to the saying, There's no such thing as a free lunch?
a. Specialization
b. Unlimited wants
c. Underutilization of resources
d. Opportunity costs
e. Overutilization of resources

Question 2

Economists believe that people respond to incentives in predictable ways. Therefore, if the government imposed a tax on each child born, you would expect that:
a. families would have the same number of children, but wait longer to begin having them.
b. more children would be born, but spaced further apart.
c. more children would be adopted.
d. fewer children would be born.