Economists usually assume that ________ is a fixed input in the ________ run.
A. labor; long
B. capital; long
C. labor; short
D. capital; short
Answer: D
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Name the four types of market structure in order from most competitive to least competitive
What will be an ideal response?
If the cross-elasticity of demand for bacon with respect to price of beefsteak is positive, then:
a. an increase in the price of beefsteak will shift the demand curve for bacon outward. b. a decrease in the price of beefsteak will shift the demand curve for beefsteak outward. c. an increase in the price of bacon will shift the demand curve for beefsteak inward. d. a decrease in the price of bacon will shift the demand curve for beefsteak outward.
In what sense can it be said that money is a social invention? How does a barter system of trade compare to the invention of money?
What will be an ideal response?
To combat inflation, Congress and the president should
A) decrease government spending. B) decrease taxes. C) raise interest rates. D) increase transfer payments.