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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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 10%, then one can conclude that the demand for orange juice
A) is perfectly elastic. B) is inelastic. C) has a unitary elasticity. D) has a constant elasticity.
All points inside the production possibilities curve indicate
A) a lack of sufficient supply. B) inefficiency in production. C) the law of increasing relative cost. D) the law of decreasing relative cost.
According to the new classical school, an expected increase in government spending is associated with:
a. a downward movement along the long-run Phillips curve. b. an upward movement along the short-run Phillips curve. c. a parallel outward shift of the long-run Phillips curve. d. an upward movement along the long-run Phillips curve. e. a downward shift of the short-run Phillips curve.