The short run is defined as that period of time during which
A. all inputs are fixed.
B. all inputs are variable.
C. labor is counted as a fixed input.
D. one or more inputs cannot be freely varied.
Answer: D
You might also like to view...
What characterized the 1950–1962 economy (from the Korean War to the last year of John F. Kennedy's presidency)?
(a) Significant inflation (b) Deflation (c) High unemployment (d) Falling prices and wages
Which of the following is not a recent development in the agricultural industry in the United States?
a. smaller farms b. extensive use of chemical fertilizers c. decreased number of farms d. increased productivity per farm e. larger output per acre
In a fractional-reserve banking system, a bank
a) does not make loans. b) does not accept deposits. c) keeps only a fraction of its deposits in reserve. d) None of the above is correct.
Stagflation" refers to
A. a simultaneous increase in output and the price level. B. a simultaneous reduction in output and the price level. C. an increase in the price level accompanied by decreases or leveling off in real output and employment. D. a decline in the price level accompanied by increases in real output and employment.