The long run is defined as
A) any time after six months.
B) any time after one year.
C) the period of time when all resources are fixed.
D) the period of time when most (more than 50 percent) resources are variable.
E) the period of time when all resources are variable.
E
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"It doesn't hurt to get more information . . ." is good advice
a. especially when the opportunity cost of acquiring the information is high b. when information is less than perfect c. only if the marginal benefit of information is greater than the marginal cost of information d. only if the marginal benefit of information is equal to the marginal cost of information e. only if the marginal benefit of information is less than the marginal cost of information
Assume that foreign capital flows from a nation increase due to political uncertainly and increased risk. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to real GDP and the monetary base in the context of the Three-Sector-Model? a. Real GDP rises and monetary base rises
b. Real GDP rises and monetary base falls. c. Real GDP and monetary base fall. d. Real GDP and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Which of the following might be said by a supporter of advertising?
a. “Advertisers assume people make rational choices.” b. “Advertisers focus on what producers need to sell.” c. “Advertisers often provide misleading information about products.” d. “Advertisers camouflage the differences between products.”
The infant industry argument is valid if the present value of the stream of national benefits is less than the present value of the stream of national costs.
Answer the following statement true (T) or false (F)