Theoretically, in a long-run cost function:
a. all inputs are fixed
b. all inputs are considered variable
c. some inputs are always fixed
d. capital and labor are always combined in fixed proportions
e. b and d
b
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If technological change occurs in the economy,
A) the long-run aggregate supply curve will shift to the left. B) we will move up along the long-run aggregate supply curve. C) we will move down along the long-run aggregate supply curve. D) the long-run aggregate supply curve will shift to the right.
Which statement is true?
A. Income is more evenly distributed along curve X than curve Y. B. Income is more evenly distributed along curve Y than curve X. C. Income is equally distributed along curves X and Y. D. It is impossible to determine income distribution by observing these curves.
Which of the following lists correctly orders assets from most liquid to least liquid?
A. Paper currency, savings deposits, stocks, house B. Stocks, house, paper currency, savings deposits C. Savings deposits, paper currency, house, stocks D. Stocks, paper currency, house, savings deposits
Income is measured as
A. average cash holdings per time period. B. change in cash holdings per time period. C. some amount per time period. D. some amount at a point in time.