Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases
B. remains constant.
C. initially increases, then decreases.
D. decreases.
Answer: A
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A currency revaluation is a(n):
A. increase in the value of a currency relative to other currencies. B. increase in the official value of a currency in a fixed-exchange-rate system. C. decrease in the value of a currency relative to other currencies. D. reduction in the official value of a currency in a fixed-exchange-rate system.
The "Got Milk?" advertising campaign is a good example of
A) advertising in a competitive market. B) how advertising in a competitive market does not pay off for a single firm. C) interest groups financed by the industry advertise for the whole industry. D) All of the above.
A firm's marginal cost curve above the minimum of the average variable cost curve is also:
A. the firm's demand for production curve. B. the firm's producer surplus curve. C. the firm's short-run supply curve. D. the market supply curve.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.