Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases.
B. increases.
C. remains constant.
D. decreases.
Answer: B
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of producer surplus equals area(s)
A. B + C. B. D. C. A + B + C + D. D. B + C + D.
Based on the table above, between 2013 and 2014, the inflation rate in this country was
A) 2.5 percent. B) -1.5 percent. C) -2.5 percent. D) 98.5 percent. E) 105.1 percent.
Which of the following is a fixed cost?
A. Electricity B. Worker bonuses C. Mortgage on the building D. Steel to produce refrigerators
Suppose a professor announces at the beginning of a course that he will give no failing grades because they are too damaging to self-esteem. How does such a policy affect equality and efficiency?