In economics, the short run means a time period
A) during which new firms are prohibited from entering the industry.
B) during which firms are not allowed to change the amount of imported resources they use.
C) that is between one and five years.
D) during which the firm is unable to change its plant size.
Answer: D
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In the United States, the powers of eminent domain are put forth in the Fifth Amendment to the Constitution
Indicate whether the statement is true or false
The number of dollars that the commercial banking system can add to the money supply for each dollar of new reserves created by the Fed
A) cannot legally be greater than 8 nor less than 2. B) is governed largely by reserve requirements and the form in which the public chooses to hold money. C) is less than one because a portion of new reserves must be retained in bank vaults or on deposit with the Fed. D) would increase if the public decided to transfer the amounts currently in commercial bank savings accounts into checking accounts.
A firm cannot control all of the factors that allow it to make economic profits. Which of the following is an example of an uncontrollable factor?
A) hiring competent managers B) input prices C) product differentiation D) producing at a lower average total cost than competing firms
If Julia deposits $2,000 (which she has until now kept in her closet as cash) in her savings account, then the M1 money supply will decrease
a. True b. False Indicate whether the statement is true or false