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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Refer to Figure 5-15. The current market equilibrium output is partly the result of overfishing. In that case, what does S1 represent?
A) the social marginal cost of harvesting salmon B) the social marginal benefit of harvesting salmon C) the private marginal cost of harvesting salmon D) the private marginal benefit of harvesting salmon
Monetarists tend to think that the aggregate demand curve is
A) stable. B) vertical. C) horizontal. D) sensitive to changes in investment spending.
Incorporation of expectations into economic decision making and the economic experience of recent decades indicate that in the long run
a. inflation relates directly to unemployment. b. inflation is inversely related to unemployment. c. there is no trade-off between inflation and unemployment. d. high unemployment is a primary cause of inflation.
Under the target price system,
A) supply is restricted. B) consumers must pay the target price. C) payments are made to the government when the price paid by consumers rises above the target price. D) farmers are paid a deficiency payment if the market price for their goods is below the target price. E) a and c