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 A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions.
B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions.
C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions.
D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Answer: C
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The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
To signal to your insurance company that you are a low risk individual, to secure a lower premium, you should
a. Accept an insurance policy with a high deductible b. Accept an insurance policy with a low deductible c. Accept an insurance policy with a co-payment d. Both A&C
When was the last year that GDP per capita in North Korea was approximately equal to GDP per capita in South Korea?
A) 1950 B) 1970 C) 1990 D) 2000 E) none of the above
If firms are producing at a profit-maximizing level of output where the price is less than the average total cost:
A. economic profits may be positive. B. accounting profits will be zero. C. economic profits are negative. D. accounting profits must be positive.