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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A single-price monopolist produces closer to the competitive level than a discriminating monopolist
Indicate whether the statement is true or false
A country on a gold standard was able to maintain people's confidence in the value of its currency by:
a. printing more and more paper money. b. restricting international exchange of goods and services. c. ensuring the convertibility of paper money into gold. d. maintaining a fixed stock of foreign currencies. e. ensuring balance of payment surplus.
The credits for a principles of economics section is three units, and an instructor teaches two sections with 100 students in each, and tuition and fees at your university are $100 per unit. If the instructor is paid $20,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. Yes, the wage of the instructor is higher than the MRP. D. No, the wage is higher than the instructor's MRP.
Which of the following policies might create demand-pull inflation?
A. An increase in taxes B. An increase government spending C. An increase in interest rates D. All of these policies could create demand-pull inflation