Assuming that labor is the only variable input, if society values a good ________ it costs firms to hire the workers to produce that good, the good ________ be produced.
A. less than; will
B. more than; will not
C. equal to what; will not
D. less than; will not
Answer: D
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The short-term cost function assumes that
A. fixed costs can't be changed. B. fixed costs can be easily changed. C. all variable costs are equal. D. variable costs can be fixed.
Bonds are
A) promises to repay loans. B) promissory notes issued by partnerships. C) promissory notes issued by proprietorships. D) shares of ownership in a corporation.
The Great Depression
A) is a very serious recession in U.S. history in which national income fell by 30 percent B) was the most serious recession in U.S. history until the more recent "Great Recession" C) imposed great hardships on households because the unemployment rate reached as high as 10 percent D) all of the above
Refer to Figure 18-1. Italians cut back on smoking and cut their demand for American cigarettes in half. Assuming all else remains constant, this would be represented as a movement from
A) B to A. B) A to D. C) D to C. D) B to C.