Economists usually assume that labor is _______ input in the _______ run.
A) a fixed; short
B) a fixed; long
C) a variable; short
D) part fixed and part variable; long
C) a variable; short
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The directive of prompt corrective action means that
A) the FDIC will intervene earlier and more vigorously when a bank gets into trouble. B) the banks must take actions quickly to resolve reserve disputes. C) bank failures cannot occur. D) there must be an immediate response to an increase in interest rates.
According to the U.S. Bureau of Economic Analysis, by the third quarter of 2014, foreign investors had accumulated ________ of U.S. assets.
a. $30.8 billion b. $30.8 trillion c. $24.6 trillion d. $2.46 trillion
An example of a nontradable good is:
A. a dish of handmade pasta in Lucca, Italy. B. a stack of firewood from Montreal, Canada. C. a lead-painted toy from China. D. All of these would be considered a nontradable good.
Politics enters into the determination of economic policy in a negative way because:
A. it does not take market failures or failures of market outcome into account in formulating policy. B. political decisions do not always reflect the will of society. C. political decisions always reflect the will of society. D. it takes market failures and failures of market outcome into account in formulating policy.