The planning horizon is the
A) long run.
B) short run.
C) point where production begins.
D) point where diminishing marginal product starts.
Answer: A
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Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
The assumption that "other things are constant" is also known as the
A) ceteris paribus assumption. B) rational self-interest assumption. C) distinguishing characteristic of economics as a science. D) relationships assumption.
According to the text, the 17 countries with high degrees of economic freedom
A) account for 81 percent of total world output. B) account for less than 25 percent of total world output. C) have the weakest economies. D) have low productivity.
"Compensating wage differentials" arise because:
a. workers possess different skills. b. workers prefer the characteristics of some to those of others. c. firms pay higher wages for workers with higher marginal productivities. d. firms discriminate in hiring.