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 best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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Suppose your expenses for this term are as follows: tuition: $28,000, room and board: $9,000, books and other educational supplies: $2,500
Further, during the term, you can only work part-time and earn $16,000 instead of your full-time salary of $42,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $36,500 B) $56,500 C) $65,500 D) $72,500
Which of the following economic values is NOT an example of a price?
A) Wage earned per hour B) Annual interest rate paid for borrowed money C) College tuition per semester D) all are examples of prices
Which of the following is not a potential supplier of real loanable funds to the real loanable funds market?
a. Domestic savers. b. Foreign savers. c. Domestic businesses. d. Foreign governments. e. All of the above are potential suppliers.
When resources are not allocated efficiently, we have ______________.
Fill in the blank(s) with the appropriate word(s).