For economic analysis, the short run is considered less than one year.
Answer the following statement true (T) or false (F)
False
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Suppose we know the following about a lawn repair business: wages $15,000, profits $4,000, tax $ 3,000, parts $ 9,000. What is the contribution to GDP of this business using the product approach?
A) $31,000. B) $27,000. C) $26,000. D) $22,000.
When economists talk about innovation, they refer to
a. the relationship between growth and employment b. one of the basic problems in economics c. the relationship between technology and scarcity d. the relationship between growth and scarcity e. ideas that eventually take the form of new applied technology
Economists consider which of the following costs to be irrelevant to a short-run business decision?
A) opportunity cost B) out-of-pocket cost C) historical cost D) replacement cost
Which of the following refers to the capture hypothesis of regulation?
A) the ability of the government to capture monopoly profits B) the control of regulatory agencies by firms in an industry C) consumer cost savings captured through regulation D) horizontal mergers