In the __________ (short run/long run) a steel manufacturer that has fixed productive capacity and is operating its plant with one eight-hour shift, can still increase output by adding a second or third shift.
Fill in the blank(s) with the appropriate word(s).
short run
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Society's production possibilities frontier
a. helps explain the immense complexity of the real economy b. demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole c. is based on unrealistic assumptions and therefore has no value as an economic tool d. is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth e. is based on the assumption that technology is constantly changing
An import quota is a
a. tax on imports b. legal limit on the amount of a specific good that can be imported into a particular country c. tax on import quantities above the legal limit d. way to increase tariff revenues e. legal incentive for members of GATT to increase their exports of a particular good
In a certain country, the labor force is 30 million and the unemployment rate is 5 percent. What is the amount of unemployed individuals in this country?
(A) 15,000 (B) 1.5 million (C) 15 million (D) 150,000
If a firm's demand for labor is elastic, a union-negotiated wage increase will:
A. necessarily be inflationary. B. cause the firm's total payroll to increase. C. cause the firm's total payroll to decline. D. cause a shortage of labor.