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 C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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Toll roads force people to pay to drive on that road. This is a solution to
A. externalities. B. opportunity costs. C. free riders. D. negative incentives.
Suppose Barbara looks out in the morning and sees a clear sky so decides that a picnic for lunch is a good idea. Last night the weather forecast included a 100% chance of rain by midday but Barbara did not watch the local news program
Is Barbara's prediction of good weather at lunch time rational? Why or why not?
Which of the following is an example of a public good?
a. telephone service b. national defense c. a city-owned bus d. electricity generated by a city-owned public utility
Suppose Mike agrees to borrow $100 from Renee for one year at a one-time interest payment of 5%. They both expected the inflation rate to be 2% during the one-year period. However, during that year the inflation rate was actually 1%. Which of the following has occurred?
a. The unexpectedly low inflation rate has redistributed $1 from Mike to Renee b. The unexpectedly low inflation rate has redistributed $5 from Mike to Renee c. The unexpectedly high inflation rate has redistributed $1 from Mike to Renee d. There have not been any redistribution costs to either party e. The unexpectedly low inflation rate has redistributed $1 from Renee to Mike