The time period during which a firm's capital is fixed but its labor is variable is called
A) the planning horizon.
B) the short run.
C) the long run.
D) the very long run.
Answer: B
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Sam lives next to The Party Pub and its outdoor "beer garden" that features live music. An economics major, Sam considers this a positive externality. Dave, another economics student, lives next to The Party Pub too, but he considers the music a negative externality. Which student, if either, is correct? Why?
Which of the following is NOT a government-run income maintenance program?
A) Social Security B) unemployment compensation C) temporary Assistance of Needy Households D) life insurance
The principle of subsidiarity is a way to
A) divide power between local governments and unions. B) provide support for industries in decline. C) provide support for industries under pressure from foreign competition. D) divide power between national governments and the EU. E) divide EU tax money among the member countries.
Collusion is:
A. more likely when the threat of market entry is missing. B. more likely in perfectly competitive markets. C. less likely when the threat of market entry is missing. D. not affected by firm’s ability to enter a market.