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 best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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For country Gamma the opportunity cost for producing 1 computer is 10 tons of steel. For country Beta the opportunity cost for producing 1 computer is 6 tons of steel. Which country has the comparative advantage in the production of steel?
A) Beta B) Gamma C) Both have the comparative advantage in the production of steel. D) Neither country has the comparative advantage in the production of steel. E) More information is needed to determine which of the two nations has the comparative advantage.
Over a typical month, Ying Liao will balance spending time on meals, work, entertainment, study, sleep, and so on by ensuring that there is equality among the marginal
a. factor costs of each market work activity b. products of each market work activity c. revenues from each of the products sold d. wages of each hour worked e. expected net utilities of each activity
A person who is in the 15 percent marginal tax bracket and has a total taxable income of $100,000 will owe $15,000 in taxes
a. True b. False Indicate whether the statement is true or false
Rational expectations theory would imply that the graphical relationship between unemployment and inflation indicated by the Phillips curve is ____ in the short-run
a. vertical b. positively sloped c. negatively sloped d. horizontal