Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20
B. more than 20
C. fewer than 20
D. exactly 90
Answer: A
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Which of the following is true?
i. A price ceiling set below the equilibrium price decreases search activity. ii. A minimum wage is an example of a price ceiling. iii. A price support decreases the quantity consumed. A) only i B) only ii C) only iii D) i and iii E) ii and iii
A market tends to be monopolistic if
a. The good has too many substitutes b. The good has very few substitutes c. The good has too many complements d. The good has very few complements
Suppose Lily's indifference curves are defined as U = ?FS + ?FH, where FS is consumption during sunny weather and FH is consumption during a hurricane. Lily receives 64 units of food when it is sunny and 16 units of food when there is a hurricane. If the probability of sunshine is ? = 0.5, the expected consumption is:
A. 52 B. 28 C. 40 D. 5
Country A is a large country that imports good-quality processed chicken from Country B. Suddenly, Country A's government decides to impose a tariff on this import. Who among the following will be adversely affected by this policy?
A. Consumers of chicken in Country B B. Producers of chicken in Country B C. Producers of chicken in Country A D. Consumers of ham in Country B