Figure 2-9
Assume that the publishing industry produces novels and textbooks, as shown in the production possibilities frontier in . Between points F and G, the opportunity cost of ten more novels equals __________. Between points G and H, the opportunity cost of ten more novels equals __________.
a.
0.4 textbooks; 0.5 textbooks
b.
4 textbooks; 5 textbooks
c.
4 million textbooks; 5 million textbooks
d.
2.5 textbooks; 2 textbooks
e.
10 million textbooks; 5 million textbooks
c
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________-term forecasts are more valuable if a firm's demand changes very frequently and changes in the firm's output level have a ________ effect on its marginal cost.
A) Long; small B) Short; large C) Long; large D) Short; small
Marketers have no incentive to introduce products that are not designed to sell.
Answer the following statement true (T) or false (F)
The best example of a merit good or activity is:
A. exercising too much. B. teaching baseball to boys and girls in the community. C. excessive consumption of pork. D. providing free beer to teenagers.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
According to Moe's PPC, moving from a 70 to an 80 in economics:
A. is inefficient. B. has a higher opportunity cost than moving from an 80 to a 90. C. has a lower opportunity cost than moving from an 80 to a 90. D. is unattainable.