In the short run:
A. all factors of production are fixed.
B. all factors of production are variable.
C. some factors of production are variable, while at least one factor of production is fixed.
D. None of these are correct.
Answer: C
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Generally, opportunity costs increase and the production possibilities frontier bows outward. Why?
A) Unemployment is inevitable. B) Resources are not equally useful in all activities. C) Technology is slow to change. D) Labor is scarcer than capital.
The income transfers that a person receives from Social Security
A) is not related to the amount that they have contributed. B) is a yearly proportion of the amount contributed. C) is the same for everyone whether they contributed to the system or not. D) depends entirely on the amount received from private pensions.
It is increasingly clear that technological change is the only explanation for an expanding wage gap between high-skill and low-skill workers
a. True b. False Indicate whether the statement is true or false
Which economic organization would have the BIGGEST role in this part of the world?
a) opec b) nafta c) asean d) united nations