The time frame in which all factors of production can vary is
A) the short run.
B) the intermediate run.
C) the long run.
D) indeterminate.
Answer: C
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In the above figure, the short-run equilibrium is at the price level of ________ and real GDP of ________
A) 100; $15.5 trillion B) 120; $16 trillion C) 110; $15.5 trillion D) 100; $16 trillion
The richest 10 percent of U.S. houses hold more than two-thirds of all wealth. The problem with this statement is that
A) it does not consider an individual's current income. B) it does not consider private and public pension plans. C) it is based entirely on nonhuman wealth. D) it is based entirely on human wealth.
If U.S. securities pay 6 percent interest, and if Great Britain's securities pay 8 percent interest, then
a. pounds depreciate relative to dollars. b. pounds appreciate relative to dollars. c. Great Britain's imports will fall. d. Great Britain's exports will rise.
The short run Phillips Curve shows there is ________ relationship between the unemployment rate and the rate of inflation.
A. a positive B. a constant C. a negative D. no