During the short run, a firm has enough time to adjust:
a. its technology.
b. its fixed inputs.
c. its variable inputs.
d. all of its inputs-both fixed and variable.
c
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On average, for the last 100 years or more, real GDP per capita in the United States has increased by
A) 0.5% per year. B) 1% per year. C) 2% per year. D) 4% per year.
In 2000, about what percentage of federal expenditures were off budget?
a. 1.1 b. 14.1 c. 19.3 d. 22.2
A chemical manufacturer dumps waste into a river, which harms owners of resorts downstream from the chemical factory. Which of the following best describes the situation? a. The socially efficient level of output exceeds the chemical firm's privately optimal output level
b. River pollution should be reduced until it is technologically impossible to reduce it further. c. The firm's privately optimal output level exceeds the socially efficient level of output. d. If the firm were forced to bear the external costs of dumping chemicals into the river, it would increase its production of output.
Suppose the Canadian government's budget is G = $200 and T = $100 while the U.S. government's budget is G = $800 and T = $800 . We can conclude that
a. Canada has a deficit budget while the U.S. has a balanced budget and the Canadian budget is more expansionary than the U.S.'s b. both budgets are balanced and the balanced budget multiplier in Canada is 0.5 while in the U.S. it is 0.8 c. Canada has a surplus budget while the U.S. has a balanced budget and the Canadian budget is more expansionary than the U.S.'s d. Canada has a deficit budget while the U.S. has a balanced budget and the Canadian budget is less expansionary than the U.S.'s e. Canada has a surplus budget while the U.S. has a balanced budget and the Canadian budget is less expansionary than the U.S.'s