The main difference between the short run and the long run is that

A. in the long run, all inputs are fixed.
B. in the short run, some inputs are fixed and some are variable.
C. the short run always refers to a time period of less than five years.
D. the long run always refers to a time period of one year or longer.


Answer: B

Economics

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The higher the value for the index of intra-industry trade:

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Refer to Figure 1. The figure represents a circular-flow diagram. Boxes C and D represent

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b. firms and government. 

c. the markets for goods and services and the financial markets. 

d. None of the above are correct.

Economics

Which of the following is an example of a public good?

A. space exploration B. airline travel C. a U2 concert D. a Big Mac

Economics