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 B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs.
B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs.
C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs.
D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
Answer: C
Economics
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The Solow model emphasizes the role of which of the following factors of production?
A) land B) labor C) capital D) natural resources
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In discussing market failure, what term do economists use to describe an economy that has produced too much?
a. ultraspecialization b. high efficiency c. distribution of income d. overallocation
Economics