In macroeconomics, the long run is determined by:
A. how long it takes for prices of inputs to adjust through the whole economy.
B. how long it takes for firms to vary all input quantities.
C. the longest contract length of a business.
D. how long it takes for output decisions to adjust to changes in economic conditions.
A. how long it takes for prices of inputs to adjust through the whole economy.
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Describe the relationship between the Federal Reserve and the legislative and executive branches of the U.S. government
What will be an ideal response?
Refer to Figure 13.2. Oliver's political views place him at the L4 position and George's political views place him at the C4 position
Based on the two candidates' political views, Sam Butcher decides to enter the race as a third-party candidate and he espouses political views that place him at the M position. For George to now win the election, he will have to A) stay at the C4 position. B) move to the M position. C) move to the C1 position. D) move to the L4 position.
We calculate the price elasticity of demand as the
A) ratio of the percentage change in the quantity demanded to the percentage change in price. B) change in quantity divided by the change in price. C) ratio of the percentage change in the price to the percentage change in quantity. D) percentage change in the quantity demanded divided by the percentage change in income. E) equilibrium quantity divided by the equilibrium price.
We would expect the demand for jeans to be:
A. the same as the demand for clothing. B. more elastic than the demand for clothing. C. less elastic than the demand for clothing. D. neither more elastic, less elastic, nor the same elasticity as that of the demand for clothing.