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 B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs.
B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs.
C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs.
D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
Answer: C
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If there is an autonomous decrease in spending (a leftward shift in the aggregate demand curve) and the Fed wishes to hold real income constant, then the Fed would:
A) decrease the money supply yielding a leftward shift in the aggregate demand curve. B) increase the money supply yielding a rightward shift in the aggregate demand curve. C) hold the money supply constant. D) none of the above.
Refer to the above graph. Which factor will shift AS1 to AS3?
A. An increase in input prices. B. A decrease in business taxes. C. A decrease in household indebtedness. D. An increase in productivity.
Refer to the above table. If the price of the good produced is $5, the marginal revenue product of the 7th worker is
A. $275. B. $5000. C. $125. D. $55.
A monopolist
A. faces an upward sloping demand curve. B. faces a vertical demand curve. C. is a price searcher. D. is a price taker.