The explicit cost of production is also called
A) accounting cost. B) overhead cost. C) direct cost. D) variable cost.
A
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When technology advances, supply
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
In the long run
A. all inputs are variable. B. all intermediate goods are fixed. C. only capital inputs are fixed. D. all inputs are fixed.
On average the productivity of an individual usually peaks when the individual is about
A. 40. B. 50. C. 65. D. 25.
In 2005, General Motors announced a 20% reduction in its staffing levels and the closure of many assembly plants. Those laid off as a result would likely be classified as
A. cyclically unemployed. B. seasonally unemployed. C. frictionally unemployed. D. structurally unemployed.