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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If workers push for wages that are beyond what productivity gains can justify ________
A) a temporary negative supply shock ensues driving up prices B) a negative output gap ensues which will lead to higher unemployment if the Federal Reserve does not act C) and the Federal Reserve eases monetary policy aimed at increasing aggregate demand to counter the negative supply shock, a price-wage spiral could ensue D) all of the above E) none of the above
When Coca Cola introduced a new, low-calorie version of Coca Cola called C2, despite a major marketing effort, sales of C2 were weak and many doubted that the product would last. Coke's experience with C2 illustrates the economic concept of:
A. producer sovereignty. B. consumer sovereignty. C. market failure. D. limited liability.
All of the following would be considered explicit costs of operating a business except
A) utility expenses. B) the cost of raw materials used in production. C) the rental value of equipment the company owns and uses for its own production. D) advertising expenses.
There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y. These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is
150 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 80, PY = 130. B) PX = 40, PY = 65. C) PX = 60, PY = 120. D) PX = 30, PY = 80.