The time period during which all factors of production can be varied is the
A) production time.
B) calendar year.
C) long run.
D) short run.
Answer: C
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It is not possible to have a comparative advantage in producing a good or service without having an absolute advantage
Indicate whether the statement is true or false
A pollution tax
a. is itself a form of negative externality b. is a positive externality used to offset a negative one c. is a price per unit of discharge of pollution d. is a tax on pollution control equipment e. may cause a common pool problem
When the real exchange rate for the dollar appreciates, U.S. goods become
a. less expensive relative to foreign goods, which makes exports rise and imports fall. b. less expensive relative to foreign goods, which makes exports fall and imports rise. c. more expensive relative to foreign goods, which makes exports rise and imports fall. d. more expensive relative to foreign goods, which makes exports fall and imports rise.
Most of the income earned by professional athletes and major celebrities can be classified as _________.
Fill in the blank(s) with the appropriate word(s).