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 C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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Refer to Table 7-6. Which country has an absolute advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country
Which of the following goods is most likely to have a negative income elasticity of demand?
a. Automobiles b. Bargain brand noodles c. Shoes d. Fine Jewelry
A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total fixed costs equals
a. $5,000 b. $8,000 c. $13,000 d. $3,000
If China were to adopt a floating exchange-rate regime, it would:
A. cause the Chinese trade balance to fall. B. cause the U.S. trade balance with China to fall. C. force the U.S. to adopt a fixed exchange rate to maintain the balance of trade. D. de-stabilize the entire world economy.