The long run is a period of time in which
A) all factors of production are variable.
B) all factors of production are fixed.
C) some but not all factors of production are fixed.
D) some but not all factors of production are variable.
A
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If the expected inflation rate is unchanged, a fall in the natural rate of unemployment would
A) shift the short-run Phillips curve to the right. B) not shift the short-run Phillips curve. C) shift the short-run Phillips curve to the left. D) shift the short-run Phillips curve to the left and shift the long-run Phillips curve to the right.
If increases in capital per worker lead to increased output per worker, but by decreasing amounts as capital increases, the per-worker production function _____
a. is vertical b. has a decreasing slope c. has an increasing slope d. has a negative slope e. is horizontal
President Reagan was attracted to the theories expounded by the
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school
A French tourist spent $1,200 in the U.S this year. This transaction will lead to a(n)
A) increase in the GDP of France B) decrease in the GDP of France C) increase in the GDP of U.S. D) decrease in the GDP of U.S.