The long run is a period of:
a. at least one year.
b. sufficient length to allow a firm to expand output by hiring additional workers.
c. sufficient length to allow a firm to alter its plant size and capacity and all other factors of production.
d. sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.
c
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An increase in the price of a good could be caused by a. An increase in supply
b. An increase in demand. c. A decrease in supply and an increase in demand. d. Either b. or c.
Under the Superfund law (CERCLA),
a. remedial actions are official short-term responses to restore immediate control b. high-risk sites are placed on the National Priorities List (NPL) through a risk-ranking system c. only current waste site owners are potentially responsible parties (PRPs) d. EPA has no authority to force responsible parties to pay for damages
The measure of what households receive after personal income tax is deducted is
A. National income. B. Personal income. C. Disposable income. D. Gross domestic product.
Refer to the graph. Economic output in year 0 is $20 billion. What is potential output in year 1?
A. $20.4 billion B. $21.2 billion C. $20.8 billion D. $20 billion