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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Banks hold reserves:
A. to increase profits. B. only because the government requires them to hold reserves. C. to meet depositor withdrawals and payments. D. to earn interest.
Marginal cost equals
A) total cost minus total variable cost. B) total fixed cost divided by total output. C) total variable cost divided by total output. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
Refer to Figure 3-5. At a price of $20, the quantity sold
A) is 0 units. B) is 4 units. C) is 8 units. D) cannot be determined.
If the real gross domestic product (GDP) for the base year is $4 trillion, then the nominal gross domestic product (GDP) for that year is _____
a. ?$.04 trillion b. $0.4 trillion c. $4 trillion d. $40 trillion e. $400 trillion