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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Which of the following is an example of labor income?
A) Dividend received by shareholder B) Profit earned by an entrepreneur C) Rent paid to a landlord D) Bonus paid to a worker
The concept of inequality
A. has no economic meaning. B. applies to low income countries only. C. is an extension of relative poverty. D. is only a theoretical concept.
"Present value" refers to the:
A. value today of a specific amount of money to be received in the future. B. current value of money held in a bank account. C. amount to which some current amount of money will grow over time. D. interest rate specified when a loan contract is signed.
If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in
A) a price of zero. B) an increase in price. C) a decrease in price. D) no change in price.