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 B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. zero. C. positive but less than $10,000. D. negative.
Utils are used by economists to measure the satisfaction a person obtains from consuming a good
a. True b. False Indicate whether the statement is true or false
Jen is offered a job answering the phone in the State U economics department during lunchtime, from noon to 1 p.m., Tuesdays and Thursdays. Her reservation wage for this job is $15 per hour. If the department chair offers Jen $150 per week, how much economic surplus will she enjoy as a result of accepting the job?
A. $135 per week B. $15 per week C. $150 per week D. $120 per week
Suppose X and Y are complements and demand for X is Qxd = ?0 + ?XPX + ?YPY + ?MM + ?HH. Then we know
A. ?H > 0. B. ?M < 0. C. ?Y < 0. D. ?X > 0.