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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If one-time gains from defection are always less than the discounted present value of an infinite time stream of cooperative payoffs at some given discount rate, the decision-makers have escaped
a. the Folk Theorem b. the law of large numbers c. the Prisoner's dilemma d. the paradox of large numbers e. the strategy of recusal
Since 1929, the distribution of money income in the United States has
A. shifted toward the poorer 20 percent away from the richer 20 percent. B. become more equal. C. become slightly more unequal. D. not dramatically changed.
The above table shows the total product schedule for the campus book store. If employees are paid $6 per hour, assuming there are no other variable costs, then the average variable cost of selling books will reach its minimum at
A) 58 books sold per hour. B) 59 books sold per hour. C) 73 books sold per hour. D) 83 books sold per hour.
For individuals who are holding money or fixed dollar value assets, inflation has the effect of: a. improving their ability to purchase goods and services with those dollars. b. reducing their ability to purchase goods and services with those dollars. c. increasing the purchasing power of those dollars
d. demonstrating the interest rate effect.