What does the phrase “there is no free lunch” mean?
Answer to relevant QuestionsHow would you describe globalization? Thomas Friedman wrote a book called The World is Flat that was published in April 2005. From the title, what would you suggest is his main thesis?What are “gains from trade”? What is the primary benefit of trade? Why is the idea that trade is beneficial counter-intuitive? What does the following statement mean? “Indeed, every decision we make involves some kind of trade-off.” Under what condition would the statement not be true?Why is it widely accepted that the government is responsible for dealing with externalities? Why does corruption negatively affect economic growth and standards of living? Why is corruption like a tax on doing business?
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