Economists define the short run as a time period in which:
a. all resources are fixed.
b. all resources are variable.
c. at least one input is fixed.
d. the size of the firm can be varied.
c
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Which of the following is a macroeconomic statement?
A) Real domestic output of seafood increased 12 percent from 2015 to 2016. B) The U.S. inflation rate was two percent in 2016. C) The price of cell phones decreased by 18 percent last year. D) Motorcycle manufacturer productivity decreased by three percent in 2016.
Profit maximization
A) makes a firm become as large as possible. B) makes a firm remain small in the long run. C) increases the likelihood that a firm will survive. D) leads a firm to become the target of a takeover.
The opportunity cost of going to college might best be described as
A) the money that must be paid in order to attend college. B) the lowest—valued alternative use of the student’s time. C) the highest—valued alternative use of the student’s time. D) the value that the student attaches to not working.
The period between the trough and the peak of a business fluctuation is called
A. the spreading out. B. the expansion. C. the development. D. the growth phase.