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. exactly 30.
B. exactly 60.
C. fewer than 30.
D. more than 30.
Answer: D
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If a minimum wage is set above the equilibrium wage rate, employment
A) will increase. B) will not change. C) will decrease. D) may increase, decrease or not change depending on how the supply of labor is affected by the minimum wage.
In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA
A) values goods at their market prices, multiplies them by the quantity produced, and then adds them up. B) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up. C) simply counts the total number of goods and services produced in the marketplace and then adds them up. D) simply counts the total number of goods produced in the market place and then adds them up.
The concept that it is very difficult to consistently pick winners in the stock market without inside information is known as: a. a random walk
b. a double coincidence of wants. c. the crowding out effect. d. arbitrage.
When making investment decisions, investors
a. compare the real interest rates offered on different bonds. b. compare the nominal, but not the real, interest rates offered on different bonds. c. purchase the highest-priced bond available. d. All of the above are correct.