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 B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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A diagram of a productivity curve has
A) real GDP per hour of labor on the y-axis and hours of labor on the x-axis. B) capital per hour of labor on the y-axis and real GDP per hour of labor on the x-axis. C) real wages per hour on the y-axis and real GDP per hour of labor on the x-axis. D) real GDP per hour of labor on the y-axis and real wages per hour on the x-axis. E) real GDP per hour of labor on the y-axis and capital per hour of labor on the x-axis.
Which of the following correctly explains the crowding-out effect?
a. An increase in government expenditures decreases the interest rate and so increases investment spending. b. An increase in government expenditures increases the interest rate and so reduces investment spending. c. A decrease in government expenditures increases the interest rate and so increases investment spending. d. A decrease in government expenditures decreases the interest rate and so reduces investment spending.
Suppose a plaintiff hires a lawyer to represent her in a court case. To which of the following contracts would a highly risk-averse plaintiff agree?
A) The lawyer is paid by the hour. B) The lawyer receives a share of the settlement. C) The lawyer receives a fixed fee. D) The lawyer pays the client a fee for the right to the entire settlement.
Opportunity costs arise from
A) choices. B) poverty. C) mistakes. D) income inequality.