Joey cuts grass during the summer. He rents a lawn mower from his dad. Which of the following statements best illustrates the difference between the short run and the long run for Joey?
A) Joey's friends say they will help him, but when he calls them, they say they have other things to do.
B) When Joey acquires more customers, he responds by working more hours. Next year, he will buy a lawn mower and split the work with his brother.
C) Some customers pay Joey immediately; others wait till the following week.
D) Joey has had to turn away some customers because he is already too busy.
B
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Countries with
A) strong investment opportunities should invest little at home and channel their savings into more productive investment activity abroad. B) strong investment opportunities should invest more at home and less abroad. C) weak investment opportunities should invest more at home. D) weak investment opportunities should invest little abroad. E) countries with productive investment should invest exclusively at home.
An example of an uncontrollable resource that contributes to diseconomies of scale for a movie theater is
a. concession stand staff b. public roads congested with traffic c. volume discounts from movie distributors d. a single lobby in the theater e. bigger, more noticeable newspaper ads
The equation of exchange states that the quantity of money multiplied by the velocity of money equals: a. real Gross Domestic Product
b. the price level. c. nominal Gross Domestic Product. d. the turnover rate. e. the demand for money.
Which of the following could be the price elasticity of demand for a good for which an increase in price would decrease revenue?
a. 0.6 b. 0.9 c. 1 d. 2.6