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 Lucas critique is an objection to the assumption that
A) inflation is always and everywhere a monetary phenomenon. B) there is a negative relationship between inflation and unemployment. C) historical relationships between macroeconomic variables will continue to hold after new policies are in place. D) people form expectations rationally.
The Ceteris paribus assumption is important when building economic models
a. True b. False Indicate whether the statement is true or false
Economic efficiency and economic freedom are commonly cited as two major benefits of socialism
a. True b. False Indicate whether the statement is true or false
Which of the following statements is not correct?
a. In the long run, there are no fixed costs. b. Marginal cost is independent of fixed costs. c. Economies of scale is a short-run concept. d. Diminishing marginal product explains increasing marginal cost.