Top Ten Economists Answers

Here is the yearly top 10 answers from Economists, taken from the econlife blog. 

The Top Ten List

1. Whatever the question, always answer, “There’s no such thing as a free lunch…” (or see #10)
2. Defend a decision by declaring, “It was worth the opportunity cost.”
3. Whether you like or dislike government, point to, “The power of the market.”
4. Explain a love of low prices with, “It’s the law of demand.”
5. Explain high prices with, “It’s the law of supply.”
6. Preface a position with, “on the one hand…but on the other…”
7. Justify your Japanese toilet, Sumatran coffee beans, and South Korean washing machine by repeating, 

    “comparative advantage, comparative advantage…”
8. When asked, “How are we doing?” start by citing the GDP, CPI, and S&P. And know that there is so  

    much more to look at.
9.    Recognize that the size of the pie has nothing to do with food.
10.  And finally, the most dependable way to sound like an economist is to remember that, no matter what 

       the topic, Say “tradeoff” as often as possible…

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