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 C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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Suppose the shopkeeper is known to usher low bidders out of the store even if it means giving up the sale. If the customer moves first, he would
a. Offer the high price b. Offer the low price c. Get ushered out of the store d. All of the above
The problem of scarce resources
a. means that in some cities there are not enough jobs b. could be solved if the unemployment rate fell c. is that there are not enough resources to satisfy people's unlimited wants d. is that resources are used inefficiently e. can be solved by lowering taxes
Which of the following is a merit good?
A. Food. B. Cigarettes. C. Local telephone service. D. A computer operating system.
In the long run, a decrease in the money supply will
A) decrease real Gross Domestic Product (GDP). B) increase real Gross Domestic Product (GDP). C) increase the price level. D) decrease the price level.