The Expression, "There's No Such Thing as a Free Lunch

question 52

Multiple Choice

The expression, "There's no such thing as a free lunch," implies that

• A) everyone has to pay for his own lunch.
• B) the person consuming a good must always pay for it.
• C) opportunity costs are incurred when resources are used to produce goods and services.
• D) no one has time for a good lunch anymore.

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Definitions:

Administrative Agencies

Government bodies responsible for implementing, administering, and enforcing regulations and statutes.

Delegation

In constitutional law and administrative law, a process whereby a legislature effectively hands over some of its legislative power to an administrative agency that it has created, thus giving the agency power to make law within the limits set by the legislature. In contract law, a transaction whereby a person who owes a legal duty to perform under a contract appoints someone else to carry out his performance.

Jurisprudence

The philosophy of law. Also sometimes used to refer to the collected positive law of some jurisdiction.

Public Law

Laws that govern relationships between individuals and the government, including constitutional, administrative, and criminal laws.