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 economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions.
B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions.
C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions.
D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Answer: C
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A consumer maximizes satisfaction at the point where his valuation of good X, measured as the amount of good Y he would willingly give up to obtain an additional unit of X, equals:
A) the magnitude of the slope of the indifference curve through that point. B) one over the magnitude of the slope of the indifference curve through that point. C) Px/Py D) Py/Px
When a tax is imposed and some of the lost surplus becomes tax revenues, the group that benefits is:
A. consumers. B. producers. C. recipients of government services. D. Only the government benefits from that lost surplus.
Which of the following statements is not true according to the National Center for Health Statistics?
a. Almost 15 percent of all Medicaid spending is attributable to tobacco use of one kind or another. b. Alcohol- and smoking-related illnesses are associated with over 500,000 deaths annually. c. Smoking prevalence among 18-24-year-olds is rising. d. The average smoker in the U.S. has a life expectancy that is almost 10 years shorter than the average non-smoker's. e. There is very little difference in the prevalence of smoking between males and females worldwide
The demand curve faced by a pure monopolist:
A. may be either more or less elastic than that faced by a single purely competitive firm. B. is less elastic than that faced by a single purely competitive firm. C. has the same elasticity as that faced by a single purely competitive firm. D. is more elastic than that faced by a single purely competitive firm.