In the short run, ________ factors of production are fixed, while in the long run, ________ of them are.
A. some; none
B. all; none
C. no; at least some
D. all; at least some
Answer: A
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Mark can make 3 tables and 1 chair in a day while John can make 4 tables and 1 chair in a day. Which of the following is true?
A) Mark has a comparative advantage in making tables. B) Mark has an absolute advantage in making tables. C) John has an absolute advantage in making tables. D) John has a comparative advantage in making chairs.
According to your authors, America's Great Depression of the 1930s was evidence of
A) an unstable free market system B) rampant greed among entrepreneurs. C) a cluster or accumulation of errors. D) antagonistic interests among the propertied and nonpropertied classes. E) all of the above.
The purchase by an individual or firm of stock or bonds issued in another country is called
A) foreign exchange arbitrage. B) foreign portfolio investment. C) global stock exchange. D) foreign direct investment.
Differentiate between the average propensity to consume and the marginal propensity to consume.
What will be an ideal response?