Which of the following would be considered a variable input in the short run?
a. The size of a firm's plant
b. The acreage of an apple farmer's orchard.
c. The production capacity of a machine.
d. None of the above.
d
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"If Bill's income increases from $80,000 per year to $91,000 per year and he consumes pickup trucks and lamb chops with his money, Bill's budget line shifts outward and the increase in income means he can consume more trucks and more lamb
" Is this statement true or false? Briefly explain your answer.
Some claim that ratings agencies have a conflict of interest since:
A) they rate the quality of their own bonds B) since agencies charge firms for their services rather than investors, they have an incentive to give high ratings to gain business C) government began to include bond ratings as part of regulations of mutual funds, banks, and financial firms D) they issued many of the mortgages that were later securitized into bonds
If the interest rate received in Mexico is greater than that obtained in the United States,
A) the demand for loans will increase in Mexico. B) the supply of loans will decrease in the United States. C) the supply of loans will decrease in Mexico. D) the demand for loans will decrease in the United States.
All of the following are true regarding an English auction except which one?
A) Bidders have a substantial amount of information regarding how other participants value the item. B) Bidders typically know who is participating in the auction. C) Bidders usually know the price that causes other participants to drop out of the auction. D) It is the most common type of auction in business settings.