When El Torito Restaurant is deciding to open a new restaurant location in another town, it is making a ________ decision.
A. labor
B. long-run
C. fixed-input
D. short-run
Answer: B
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Is increased capital spending the only way for an economy to expand its production possibilities frontier?
A. No, an economy can also expand by invention and innovation. B. No, an economy can also grow by investment instead of capital spending. C. Yes, more capital is the only way to expand its production possibilities frontier. D. Yes, although more capital clearly has a high opportunity cost. E. Yes, because capital is the only constraining resource that limits growth.
In the above figure, a recession begins at point ________ and an expansion begins at point ________
A) a; b B) b; c C) b; a D) d; c
In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________
A) some factors of production are variable; the quantities of all factors of production are fixed B) all factors of production are variable but technology is fixed; technology is variable C) all factors of production are fixed; the quantities of all factors of production can be varied D) some factors of production are fixed; the quantities of all factors of production can be varied
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If Ohio Edison is forced to produce the efficient level of electricity (instead of the monopoly level),
A. the net social gain equals area BEC. B. the monopolist earns a profit of FGBC. C. consumers gain consumer surplus of AFC. D. the monopolist loses profits equal to FABE.