A firm moves from one SRATC curve to another
a. when it changes the number of workers it employs
b. when it has contractual obligations on its plant and equipment
c. when it produces more output with the same plant size
d. in the short run
e. in the long run
E
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If the price elasticity of demand for airline travel is 0.52 in the short run and 1.46 in the long run, then the demand for airline travel is ________ in the short run and ________ in the long run
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
The most common type of macroeconomic imbalance is overly expansionary fiscal policies that create large government budget deficits, often financed by a high growth rate of the money supply
Indicate whether the statement is true or false
Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would
a. decrease. b. increase. c. be unaffected. d. There is insufficient information given to answer the question.
The study of factors that contribute to the economic growth of a country is known as
A. political economics. B. entrepreneurial economics. C. natural resource economics. D. development economics.