The long run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
B) the quantities of all factors of production can be varied.
C) the quantities of all factors of production are fixed.
D) all costs are sunk costs.
B
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Keynesian macroeconomists argue that the short-run Phillips curve ________ represent a usable trade-off for policymakers because ________
A) does; prices are sticky B) does; prices are not sticky C) does not; prices are not sticky D) does not; prices are sticky
"LIBID" is the rate at which U.S. banks
A) lend to their best customers. B) borrow Eurodollar market. C) lend in the Eurodollar market. D) borrow in the jumbo CD market.
A good is excludable if
a. one person's use of the good diminishes another person's enjoyment of it. b. the government can regulate its availability. c. it is not a normal good. d. people can be prevented from using it.
Buyers always prefer lower prices to higher prices
Indicate whether the statement is true or false