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 A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20
B. more than 20
C. fewer than 20
D. exactly 90
Answer: A
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Business taxes increase. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
In the figure above, suppose the economy is initially at point B. If people come to believe that the exchange rate will fall in the future, the supply of dollars ________ and the market moves to point such as ________
A) decreases; A B) decreases; E C) increases; D D) increases; C
Refer to Figure 11-11. For output rates greater than 20,000 picture frames per month
A) the firm will not make a profit because the average cost of production will be too high. B) the firm will experience diminishing returns. C) the short-run average total cost will equal the long-run average total cost of production. D) the firm will experience diseconomies of scale.
The additional cost incurred as a result of undertaking an action is: a. the opportunity benefit. b. the marginal benefit
c. the total cost. d. the marginal cost.