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 B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs.
B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs.
C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs.
D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
Answer: C
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If the marginal benefit of reducing emissions of some air pollutant is greater than the marginal cost
A) the marginal benefit will rise and the marginal cost will fall as further reductions are made. B) private businesses, rather the consumers, should be made to pay for the cost of further reductions. C) further reductions will make society better off. D) economic efficiency will be achieved when emissions are reduced to zero.
The demand curve for money:
a. shows the amount of money balances that individuals and businesses wish to hold at various levels of private investment. b. reflects the open market operations policy of the Federal Reserve. c. shows the amount of money that households and businesses wish to hold at various rates of interest. d. indicates the amount that consumers wish to borrow at a given interest rate.
When any effort by government causes the supply of a good to rise, what happens to the supply curve for that good?
(A) The supply curve is not affected. (B) It shifts to the right. (C) It shifts to the left. (D) It reverses direction.
A surplus exists when there is excess demand in a market.
Answer the following statement true (T) or false (F)