Short-run decisions refer to the:
A. hourly, daily, or weekly decisions that firms have to make.
B. immediate decisions that firms have to make that affect the production process, not level of output.
C. immediate decisions that firms have to make that affect level of output, but not the production process.
D. decisions a firm has to make immediately to prepare for either entering or exiting an industry.
A. hourly, daily, or weekly decisions that firms have to make.
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The above figure reveals
A) no relationship between household income and average household expenditure on automobiles. B) that as household income increases the average household expenditure on automobiles decreases. C) that as household income increases the average household expenditure on automobiles increases. D) all of the above are possible.
Which of the following organizations was NOT the result of the Bretton Woods Conference in 1944?
A) the League of Nations B) the General Agreement on Tariffs and Trade C) the International Monetary Fund D) the International Bank for Reconstruction and Development
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
Identify the correct statement
a. During a recession, investment decreases while consumption increases. b. During a recession, investment increases while consumption decreases. c. During a recession, investment is constant while consumption increases. d. Annual variations in investment are larger than annual variations in consumption. e. Annual variations in investment are smaller than annual variations in consumption.