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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Which of these is an example of rational inattention?
A) submitting a paper with a few typos, knowing that they won't affect the grade B) sleeping in later than you had intended C) a firm delaying price changes to avoid losing customers D) a firm being unsure of its competitors' prices E) a firm changing prices so often its customers stop noticing
The prevalent welfare policy is to
A. provide vocational training for welfare recipients, so that they can be self-supporting. B. provide government and private sector employment for those leaving the welfare rolls. C. to basically force welfare recipients to leave the welfare rolls. D. to allow welfare recipients to continue receiving benefits as long as there are children under six years of age in the family.
The year that had the most disruptive strikes was
A. 1929. B. 1933. C. 1946. D. 1973.
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 14,000; 8,000 B. 12,000; 10,000 C. 12,000; 8,000 D. 8,000; 14,000