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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A not-for-profit organization conducts several workshops to prevent drug addiction among teenagers. This is an example of ________
A) indoctrination B) backward induction C) anchoring D) sniping
The cross-price elasticity of two goods is -2. This tells us the two goods are:
A. complements. B. substitutes. C. inelastic. D. unrelated.
A firm is currently producing 100 widgets using 4 units of labor and 12 units of capital. The firm's production function exhibits constant returns to scale. How many units of labor and capital are needed to produce 350 widgets?
A) L = 14; K = 42 B) L = 15; K = 45 C) L = 14; K = 44 D) L = 15; K = 42
On the Laffer curve, an increase in tax rates causes tax revenue to increase if the starting point is
A. to the right of the top. B. exactly at the top. C. to the left of the top. D. to the farthest point to the right.