How long is the long run?
A. A defined, set period of time, usually a year
B. However long it would take a firm to vary all of its costs
C. However long it would take a firm to have at least one variable cost
D. None of these defines the long run.
B. However long it would take a firm to vary all of its costs
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Keynesian economics:
a. affirms the classical economists' basic premise concerning competitive markets. b. believes that monopolies and unions tend to be permanent fixtures in our economy and the prices they create tend to be flexible, at least downwardly. c. emphasizes the possibility that an economy can never be in equilibrium at less than full employment. d. prefers to emphasize aggregate supply over aggregate demand. e. believes that unemployment results when aggregate demand is insufficient to reach a full-employment level of real GDP.
From the labor point of view, what is the benefit of collective bargaining?
a. to ensure the company derives the greatest amount of profit from labor b. to put more effort into the research and development of new systems c. to make sure workers are not taken advantage of by large employers d. to slow the process of robotic production replacing human workers
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
A possible rational reason why older people, on average, show less interest in learning how to use new technologies is because
A) older people are not as smart as (today's) young people. B) they are acting irrationally. C) they have fewer years to gain a return from learning how to use new technologies. D) the financial cost for older people is greater than the cost to younger people.