The short run:
A. means the firm cannot increase or decrease at least one of its inputs.
B. means that output cannot be changed.
C. means the price of output is fixed.
D. All of these are true.
A. means the firm cannot increase or decrease at least one of its inputs.
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An expansion occurs when the level of real GDP is
A) increasing. B) decreasing. C) at a cyclical peak. D) at a cyclical trough.
Suppose the economy is just recovering from a recession and all signs now point to robust growth. How might this transition from recovery to expansion be reflected in the monetary policy curve?
What will be an ideal response?
Accurate measurement of GDP is important to business decision-makers because this information will help them better determine the
a. general happiness of a country's citizens. b. course of the economy and the direction of demand for their products. c. economic well-being of a particular group within a country. d. amount of leisure time available and the quality of life in a country.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3. B. -1.5. C. -3. D. -30.