A variable factor of production:
A. is fixed in the long run but variable in the short run.
B. is variable in both the short run and the long run.
C. plays no role in the law of diminishing marginal returns.
D. is variable only in the short run.
Answer: B
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Which of the following statements is false?
A. While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control. B. Output prices influence a firm's revenues. C. Input prices influence a firm's costs of production. D. Price determination is the key element in any market system.
All transaction deposits are included in
A) M1 only. B) M2 only. C) both M1 and M2. D) savings balances only.
Frictional unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. the most alarming cause of unemployment.
Which of the following exchange rates between the dollar and the peso would an American buyer of Mexican goods most prefer?
A) $0.10 = 1 peso B) $0.08 = 1 peso C) $0.06 = 1 peso D) $0.04 = 1 peso