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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The ________ the Herfindahl-Hirschman Index (HHI), the ________ the industry
A) higher; less competitive B) lower; less competitive C) higher; more firms in D) lower; more profitable
Figure 7-13
Figure 7-13 shows the average total cost curves of four firms that produce milk. Some of the dairies are more productive. AR = P is the long-run price of milk. How many of these dairies will remain in the industry in the long run?
A. All of them B. Only 2 C. Only 3 D. Cannot determine with information given
Which one of the following is an example of a positive statement?
A) Farmers need some type of government aid. B) State governments should provide economic assistance to farmers. C) The federal government should provide economic assistance to farmers. D) The amount of financial assistance given to farmers is higher this year than it was 10 years ago.
The courts in some states have declared the financing of public schools by local property taxes unconstitutional because
a. housing should never be the basis for taxation of any kind. b. taxes on real estate generate too much tax revenue. c. disparity in property values means some communities have more in tax revenues to spend on education than do communities containing less valuable property. d. the funds for public education should come from federal revenues, not from local property taxes.