The specificfactors model is termed a "shortrun" model because:
a. labor cannot move from one activity to another.
b. land resources can move from one activity to another .
c. labor can move from one activity to another.
d. land and capital cannot move from one activity to another .
Answer: d. land and capital cannot move from one activity to another
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Persistent government budget deficit result in ________ taxes and a ________ stock of capital in the future
A) higher, larger B) lower, larger C) higher, smaller D) lower, smaller
The nation's largest cable TV company tested the effect of a price reduction for premium movie channels. It lowered prices 10% and found that the number of customers rose by almost 50%. This means: a. the demand curve for the premium movie channels shifted to the right. b. the supply curve for premium movie channels shifted to the left
c. the demand for premium movie channels is elastic in this price range. d. the demand for premium movie channels is inelastic in this price range.
Which of the following is NOT an example of a network?
A. Trucking B. Telecommunications C. Airlines D. None of the statements are correct.
At an equilibrium level of output in a pure monopoly:
A. P > MC and P = minimum ATC. B. P > MC and P > minimum ATC. C. P = MC and P = minimum ATC. D. P = MC and P > minimum ATC.