The Assertion That "There Is No Free Lunch" Means That

question 277

Multiple Choice

The assertion that "there is no free lunch" means that

• A) there are always trade-offs between economic goals.
• B) all production involves the use of scarce resources and thus the sacrifice of alternative goods.
• C) marginal analysis is used in economic reasoning.
• D) choices need not be made if behavior is rational.

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Definitions:

Categories

Distinct groups or classes into which data or items can be divided based on shared characteristics or qualities.

Chi-square

A statistical test used to compare observed frequencies with expected frequencies for categorical variables to assess the likelihood of an association.

Parametric Statistics

A branch of statistics that assumes data comes from a type of distribution and makes inferences about the parameters of the distribution.

Sample Size

The number of observations or data points used in a study or analysis.