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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In answering the question "Did the Civil War help promote economic growth and industrialization?" Hughes and Cain (2011) conclude that
(a) the war, rather than being a major stimulus to industry, was actually a great drain that slowed U.S. economic development for a time. (b) the war was indeed a major stimulus to industry because it promoted the building of wartime factories and new technology, which then provided a basis for rapidly growing production levels when peace came. (c) the war was a setback for the South but a great stimulus for the North. (d) the war seemed to have had no overall impact on the economic growth of the nation.
Unions have generally been far more successful in organizing and raising wages in skilled trades such as carpentry than in unskilled trades. Use the laws of derived demand to explain why
What will be an ideal response?
You can also think of interest as:
A. the cost of inflation. B. the price of borrowing per dollar C. the time it takes a bond to mature. D. All of these statements are true.
Economists believe that externalities can be remedied by market methods.
Answer the following statement true (T) or false (F)