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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"Monopolists do not worry about efficient production and minimizing costs since they can just pass along any increase in costs to their consumers." This statement is
a. false; price increases will mean fewer sales, which may lower profits. b. true; this is the primary reason why economists believe that monopolies result in economic inefficiency. c. false; the monopolist is a price taker. d. true; consumers in a monopoly market have no substitutes to turn to when the monopolist raises prices.
If total spending is greater than current output, GDP will rise.
Answer the following statement true (T) or false (F)
Monetary policy in the United States is under the control of:
A. the President. B. the U. S. Treasury. C. the Federal Reserve. D. the U.S. Senate.
Undesirable job features lead to a ________ labor ________.
A. lower; demand B. higher; demand C. lower; supply D. higher; supply