Which of the following is an example of an indivisible input?
A. the amount of labor a firm hires
B. flour used to produce bread
C. wood used to produce paper
D. train tracks between two cities
Answer: D
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For most firms, the short run is a one-year period.
Answer the following statement true (T) or false (F)
The concept of twin deficits refers to ________
A) the phenomenon of simultaneous trade and government budget deficits B) the phenomenon of simultaneous government and private budget deficits C) the phenomenon of simultaneous state and federal budget deficits D) all of the above E) none of the above
Refer to the above graph, which shows the market for beef where demand shifted from D 1 and D 2. The change in equilibrium from E1 to E 2 is most likely to result from:
A decrease in the tax on beef products An increase in the price of pork A decrease in consumer incomes An increase in the cost of cattle feed
Related to the Economics in Practice on page 125: A reduction in the salience of prices should ________ consumer responses to price increases.
A. not change B. completely eliminate C. increase D. reduce