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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In 2006, a Social Security (FICA) tax of 7.65% of payroll earnings was paid by both the employee and the employer
Indicate whether the statement is true or false
By 2007, the deficit
A. was out of control and increased substantially soon thereafter. B. seemed under control but increased substantially soon thereafter. C. was out of control but decreased substantially soon thereafter. D. seemed under control and decreased substantially soon thereafter.
The change in the quantity of labor demanded resulting from a change in the quantity produced of the product is known as the ________ effect.
A. input-substitution B. price elasticity C. output D. derived demand
In cardinal utility analysis
A) numbers can be assigned to utility. B) it is recognized that numbers can not be assigned to utility. C) the concept of marginal utility exists while in ordinal utility analysis marginal utility does not exist. D) marginal utility always increases as more of a good is consumed.