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 B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs.
B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs.
C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs.
D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
Answer: C
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At the time policymakers debated the Trans-Pacific Partnership, the United States imposed ________ on the value of imported shoes and shoe parts
A) tariffs of 1.5 to 12.5 percent B) tariffs of 95 percent C) no tariffs D) tariffs of 25 to 67.5 percent
Which of the following statements about GDP is true?
a. The value of GDP per capita of an economy does not reflect the equality of distribution of income among the population in the economy. b. The value of GDP per capita of an economy reflects the equality of distribution of income among the population in the economy. c. A high level of GDP in an economy states that the standard of living of the people in the economy is also high. d. As GDP per capita rises, the gap between the incomes of the top 5 percent of the population and the bottom 5 percent necessarily decreases.
You borrow $40,000 at an interest rate of 5% to open Organic Foods, an all-natural food store. You will earn an economic profit if the return on your investment is
A. greater than 5%. B. 10% or greater. C. between 0 and 5%. D. 5%.
During a recession, the duration of unemployment ________ and the unemployment rate is ________ the natural rate of unemployment
A) does not change; equal to B) shortens; equal to C) shortens; greater than D) lengthens; less than E) lengthens; greater than