"In economics, the short run commonly refers to a period within one year and the long run is a period longer than one year." Do you agree or disagree? Explain your answer
What will be an ideal response?
Disagree. The time period of the short run versus the long run depends on each individual industry. In economics, the short run is the period during which at least one input cannot be changed, while the long run is the period long enough so that all inputs can change.
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A reduction in the tariff on imported steel would most likely benefit a. workers in the steel industry
b. the domestic consumers of steel. c. the domestic producers of steel. d. foreign producers at the expense of domestic consumers.
Which of the following can be used to help explain wage differences among different groups of workers?
a. human capital acquired through education b. human capital acquired through job experience c. compensating differentials d. All of the above can explain wage differences.
What are the effects of migration from developing nations?
a. It entices workers from industrial economies to emigrate to developing nations. b. It improves the technical efficiency of the developing nation's workforce. c. It provides a valuable safety valve for poor nations. d. It prevents brain drain.
In this graph, when disposable income is 4,000, consumption is
A. 4,000.
B. 3,250.
C. 2,500.
D. 1,000.