For a given level of output, the short-run total cost of production
a. always falls below the long-run total cost of production
b. always exceeds the long-run total cost of production
c. always equals the long-run total cost of production
d. may exceed or equal the long-run total cost of production
e. may exceed or fall below the long-run total cost of production
D
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Refer to Table 2-5. What is Finland's opportunity cost of producing one board foot of lumber?
A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones
A price support program:
A. lowers the market price by making purchases of a good, thereby increasing demand. B. lowers the market price by making purchases of a good, thereby reducing demand. C. raises the market price by making purchases of a good, thereby increasing demand. D. raises the market price by making purchases of a good, thereby reducing demand.
How does the multiplier for a change in government spending compare to the multiplier for a change in taxes?
a. It is smaller. b. It is the same. c. It is larger. d. It cannot be calculated.
If there is 3 percent frictional unemployment, 4 percent structural unemployment, and ?2 percent cyclical unemployment, then the natural rate of unemployment equals:
A. 1 percent. B. 7 percent. C. 2 percent. D. 5 percent.