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 B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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Assume that tortilla chips and salsa are complements. When the price of tortilla chips decreases
A) the demand for salsa decreases. B) the supply of salsa decreases. C) the demand for salsa increases. D) the demand for tortilla chips decreases.
To an economist, the terms factor and resource are synonyms
Indicate whether the statement is true or false
A bank can create money by:
(a) Buying government bonds from the public; (b) Increasing its reserves; (c) Lending its excess reserves; (d) Printing more cheque books.
An entrepreneur probably will start a business if she sees an opportunity to sell an item at a price:
A. less than the competitors' price. B. equal to the competitors' price. C. equal to the average total cost of producing it. D. higher than the average total cost of producing it.