In economics, the planning horizon is defined as
A. the long run, during which all inputs are variable.
B. the period of time for which technology is fixed.
C. the shortest time period over which the firm can make decisions.
D. the immediate future, such as the next day that any action can be taken.
Answer: A
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A Cobb-Douglas production function:
A) exhibits constant returns to scale. B) exhibits increasing returns to scale. C) exhibits decreasing returns to scale. D) can exhibit constant, increasing, or decreasing returns to scale.
If your retirement income from your employer's retirement plan depends on the performance of the pre-tax investments that you and your employer have made over time, then your employer's plan is a
A. defined benefit plan. B. calculated retirement plan. C. Social Security plan. D. defined contribution plan.
Accounting costs and economic costs differ because
A. Economic costs include explicit costs and accounting costs do not. B. Accounting costs include implicit costs and economic costs do not. C. Accounting costs include explicit costs and economic costs do not. D. Economic costs include implicit costs and accounting costs do not.
Which of the following is NOT a determinant of the price elasticity of demand?
A. the number of substitutes available to buyers B. the number of producers of the good C. the time consumers have to adjust to a price change D. expenditures on the item as a percentage of a consumer's total budget