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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The production possibilities frontier is the
A) maximum output that can be produced at an opportunity cost of zero. B) minimum output that can be produced when resources are used inefficiently. C) boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. D) boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. E) maximum opportunity cost combinations of goods and services.
The Contract Labor Law, which was passed in 1864 and repealed in 1868,
a. authorized labor contracts made abroad between American companies and foreign workers. b. resulted in a large increase in European immigration to the U.S. c. was supported by American wage earners. d. authorized workers to strike and engage in collective bargaining.
A tax increase has
a. a multiplier effect but not a crowding out effect b. a crowding out effect but not a multiplier effect c. both a crowding out and multiplier effect d. neither a multiplier or crowding out effect
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.