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 United States and other industrialized countries experienced rising inflation accompanied by a recession during the 1970s. This phenomenon was described as (a)
a. hyperinflation. b. stagnation. c. stagflation. d. depression.
As long as the marginal utilities per dollar obtained from the last unit of all products consumed are the same, _____
a. the consumer is in equilibrium and will not reallocate income b. the consumer is not in equilibrium and will reallocate income c. the consumer is most likely operating a budget deficit d. the consumer is not maximizing utility e. the government will recognize this as an intolerable disequilibrium and will most likely intervene by imposing a tax and reallocate the consumer's income
Which of the following is income, as defined in economics?
(a) Salaries received by members of the Judiciary; (b) Scholarships awarded to high performance Leaving Certificate students; (c) Unemployment benefits paid to long term unemployed persons; (d) Both (a) and (b).
?If a firm shuts down in the short run and produces no output, its total cost will be:
a. ?equal to only explicit costs. b. ?equal to the fixed cost. c. ?equal to the variable cost. d. ?equal to the sum of implicit and explicit costs. e. ?equal to zero.