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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Answer the next question based on the following data. All figures are in billions of dollars.Government purchases$10Consumption115Gross investment35Consumption of fixed capital7Exports11Imports14 This nation's GDP is ________.
A. $163 billion B. $164 billion C. $157 billion D. $171 billion
In the long run, ________ dominate exchange rate movements
A) short-run inflation differentials B) long-run inflation differentials C) short-run relative price changes D) All of the above
The opportunity cost of going to college includes the costs of tuition, books, fees, and
a. nothing else b. housing c. housing and food d. earnings forgone by not working full-time e. housing, food, and earnings forgone by not working full-time
The components of GDP are
A. C + I + X - (G + M). B. C + I + G - (X + M). C. C + I - G + (X - M). D. C + I + G + (X - M).