Variable inputs are defined as any resource that:
a. varies with the size of the firm's plant.
b. cannot be changed as output changes.
c. can be changed as output changes.
d. can be increased or decreased hourly.
c
You might also like to view...
When no property rights exist
A) no one has an economic incentive to care for common property, and an externality may well occur. B) there will be no production. C) externalities will be internalized by voluntary arrangements among a small group of parties. D) society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.
Which of the following does not reflect a positive rate of time preference?
a. Concert-goers yell and scream when the stage is still dark an hour after the concert was scheduled to start. b. Borrowers have to pay interest on loans. c. A dieter, allowed three ounces of butter per day, spends the whole allotment on her toast at breakfast. d. A dieter, allowed three ounces of butter per day, promises himself some new clothes if he can break the habit of spending the whole allotment on his toast at breakfast. e. A student stays up late every night for a week to finish her term paper two months before it is due.
Which of the following measurement issues makes interpretation of U.S. poverty rates difficult?
A. Poverty statistics measure consumption rather than income, and some families may receive income that is above the official poverty line. B. The high cost of living in urban areas tends to result in the understatement of poverty. C. Most people below the poverty line have substantial unreported income. D. The poverty rate is adjusted for every urban and rural area, so people's poverty status changes whenever they move.
If the consumption function is above the 45-degree line
A. consumption exceeds income and saving is negative. B. consumption is less than income and saving is positive. C. consumption is less than income and saving is negative. D. consumption exceeds income and saving is positive.