According to economic theory, the difference between the long run and the short run is:
a. about two months.
b. about two years.
c. not relevant for executive decision makers.
d. strictly theoretical so that in practice there is no difference between them.
e. the ability for a firm to vary all resources.
e
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The above figure shows the Lorenz curves for four different countries. Which country has the most unequal distribution of income?
A) country A B) country B C) country C D) country D
When the official dollar price of a foreign currency is set below its equilibrium level, the dollar
A) has been appreciated. B) is overvalued. C) is undervalued. D) is devalued. E) is revalued.
If the price of an item can freely adjust, a market will
A. always have an excess quantity demanded. B. always move towards equilibrium. C. never move towards equilibrium because prices are always increasing. D. always have an excess quantity supplied.
In recent years, Taiwan has experienced increases in savings and investment. As a result of the higher investment and saving, we expect i. increases in physical capital. ii. increases in the inflation rate. iii. advances in technology
A) i and iii B) i and ii C) ii only D) ii and iii E) i, ii and iii