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 C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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Other things constant, how will a decrease in the wages of teenagers affect the market for fast food hamburgers?
a. The supply of fast food hamburgers will increase, leading to an increase in the price of hamburgers. b. The supply of fast food hamburgers will increase, leading to a reduction in the price of hamburgers. c. The supply of fast food hamburgers will decrease, leading to an increase in the price of hamburgers. d. The supply of fast food hamburgers will decrease, leading to a reduction in the price of hamburgers.
When a reduction in the price of a good allows a consumer to purchase more of all goods, this effect is called the:
A. income effect. B. substitution effect. C. elasticity effect. D. monetary effect.
National health care programs are not as effective as they could be because:
A. patients are not receptive to utilization of modern medicine in most nations. B. many doctors in clinics do not have sufficient knowledge to properly diagnose patients. C. traditional Western medicine is largely untrusted in most parts of the developing world. D. health care providers tend to have a high absentee rate.
Which of the following is NOT an attempt to evade rent controls?
A) make life unpleasant for tenants B) require tenants to get furniture from the landlord C) subletting D) using the courts to challenge the sublease of a tenant