During the short run, a firm cannot
A) increase its use of labor.
B) change its plant size.
C) purchase more raw materials.
D) change its variable costs.
Answer: B
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In the United States during the 1970s, the unemployment rate rose from previous years, and the inflation rate increased rapidly. This set of events is best described by saying that the
A) the long-run Phillips curve shifted leftward. B) short-run Phillips curve shifted downward. C) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift. D) short-run Phillips curve shifted upward. E) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift.
A serious consequence of a financial crisis is
A) a contraction in economic activity. B) an increase in asset prices. C) financial engineering. D) financial globalization.
"If I didn't go to class tonight, I would save the $2 campus parking fee and spend three hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is: a. $0
b. $2. c. $30. d. $32.
________: the change in total cost of production as the output or total product of the business is expanded
Fill in the blank(s) with correct word