The short run:
A. is typically defined by the process cycle of the particular firm.
B. is defined by the presence of a fixed cost for a firm.
C. is generally less than a year.
D. All of these are true.
B. is defined by the presence of a fixed cost for a firm.
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An important factor that contributes to labor productivity growth is:
A) growth in the capital stock. B) technological change. C) the standard of living. D) A and B only E) A, B, and C are correct.
According to the rational expectations hypothesis, monetary policy can have real effects on such variables as real Gross Domestic Product (GDP) in the short run
A) only when the policy is anticipated. B) only when the policy is unsystematic and unanticipated. C) regardless of whether the policy is anticipated or unanticipated. D) when the Federal Reserve's open market committee operates as expected in either buying or selling bonds.
All factors of production usually experience:
A. decreasing average variable cost. B. diminishing marginal productivity. C. decreasing average fixed costs. D. diminishing total productivity.
Channeling people according to sex or race into particular occupations tends to
a. lower the wage rate in these occupations. b. increase the wage rate in these occupations. c. reduce income inequality among occupations. d. affect employment opportunities, but not wage rates.