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 economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions.
B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions.
C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions.
D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Answer: C
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In the United States, the number of hours worked per person has decreased since 1800. How would growth rates since 1800 be different if they were calculated for real GDP per capita instead of GDP per hour worked?
What will be an ideal response?
What was the thesis to James O'Neill's paper where he introduced the BRIC acronym?
A) These nations were going to collapse. B) These were failing states and thus a treat to global stability. C) These economies were moribund and needed IMF assistance. D) These nations had the potential to change global trade and capital flows. E) These nations would repeat the patterns of development and business cycles as the United States and Europe had in their economic history.
Another term for the opportunity cost of capital is
A) the normal interest rate. B) the normal rate of return. C) a normal profit. D) a normal wage rate.
The means of payment function of money refers to the common unit for measuring how much something is worth
a. True b. False