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 the above figure. If the market price is equal to A, which statement can be made about profits?
A) Profits are positive and equal to BCEA. B) Profits are positive and equal to BCFG. C) Profits are negative and equal to BCEA. D) Profits are negative and equal to GFQ 0.
Data for an economy shows that the unemployment rate is 10 percent, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are unemployed in this economy?
A. 1.0 billion B. 800 million C. 80 million D. 200 million
What is a long-run supply curve?
What will be an ideal response?
If labor productivity growth slows down in a country, this will
A) accelerate the increase in real GDP per capita. B) accelerate the increase in nominal GDP. C) slow down the increase in real GDP per capita. D) slow down the increase in nominal GDP.