In economics, what is the difference between the short run and the long run?
What will be an ideal response?
In economics, the short run refers to the period of time during which at least one of a firm's inputs is fixed. The long run refers to the period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.
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During the pre-Revolutionary period American colonists used their market power to rebel by:
a. organizing nonimportation associations in response to taxes. b. organizing powerful labor unions. c. creating large manufacturing firms that competed with English manufacturers. d. forming farming cartels that increased the prices of American agricultural exports. e. All of the above.
If the demand for reserves is unchanged, an increase in the quantity of reserves will
What will be an ideal response?
An increase in the money supply will:
A. lower interest rates and lower the equilibrium GDP. B. lower interest rates and increase the equilibrium GDP. C. increase interest rates and increase the equilibrium GDP. D. increase interest rates and lower the equilibrium GDP.
The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the
A. Wealth of Nations. B. Industrial Revolution. C. Dark Ages. D. Great Migration.