Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________.
A. $4; 6
B. $2; 8
C. $8; 6
D. $6; 4
Answer: D
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The amount you pay for apps to download to your cell phone is an example of a(n) ________ cost
A) implicit B) opportunity C) explicit D) network
A study by Kathryn Edin and Laura Lein found that
A. virtually all single mothers—whether working or receiving public assistance—had to supplement their income with money from relatives, boyfriends, or the absent father of their children. B. most welfare families lived very comfortably on their public assistance checks, supplemented by Medicaid, public housing, and food stamps. C. only half the number of Americans officially below the poverty line were actually poor. D. government assistance hurt the poor much more than it helped the poor.
A severe and prolonged recession is called
A. a trough. B. a depression. C. a slump. D. a stagnation.
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.