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 Fed buys $20,000 of government securities. The desired reserve ratio is 5 percent and the currency drain ratio is zero. What will be the change in the quantity of money?
A) $400,000 B) $20,000 C) $19,000 D) $5,000 E) $399,980
You own stock worth an estimated $1 million in the LPL corporation. In addition, you have personal assets worth another $2 million. LPL becomes insolvent, with debts exceeding assets by $15 million. Your personal wealth will decline by
a. $0 b. $1 million c. $1.5 million d. $3 million e. your proportion of the total outstanding stock shares times $15 million
In perfect competition, the demand curve facing a firm is a horizontal line at the market price because
a. marginal revenue equals total revenue b. of the law of demand c. price always exceeds average total cost d. marginal cost equals average cost e. the firm is a price taker
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.If Rory McIlroy only earned $500 per hour playing golf instead of $1,000 per hour, what should he do?
A. He should still hire the gardener. B. He should do the weed-whacking himself. C. He should hire a less-productive gardener. D. He should be indifferent as to who does the weed-whacking, for the difference in hourly earnings would now be insignificant.