In the short run, all costs are variable

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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Refer to Figure 7-2. With the tariff in place, the United States produces

A) 18 million pounds of coffee. B) 20 million pounds of coffee. C) 26 million pounds of coffee. D) 38 million pounds of coffee.

Economics

The highest valued alternative that must be given up to engage in an activity is the definition of

A) marginal cost. B) marginal benefit. C) opportunity cost. D) economic equity.

Economics

Consider the market for air travel. A simultaneous increase in the price of fuel and another terrorist attack on United States soil would cause the equilibrium quantity of air travel to go down, but have an uncertain effect on equilibrium price

Indicate whether the statement is true or false

Economics

If there is 2 percent frictional unemployment, 5 percent structural unemployment, and -2 percent cyclical unemployment, then the natural rate of unemployment equals:

A. 9%. B. 7%. C. 2%. D. 5%.

Economics