The long run is a time period in which
A) one year or less elapses.
B) all factors of production are variable.
C) all factors of production are fixed.
D) there is at least one fixed factor of production and at least one variable factor of production.
B
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The New York Stock Exchange is an auction market in which the role of auctioneers is played by
A) brokers. B) traders. C) specialists. D) agents.
Government purchases of goods and services do NOT include
A. the military payroll. B. purchases of final products. C. purchases by state governments. D. welfare payments.
The idea in economics that "there is no free lunch" means that:
A. Businesses would go bankrupt if they offered free lunches B. The thought of a free lunch is often better than the reality of consuming it C. There are opportunity costs involved even in free lunches D. Free lunches used by businesses to attract customers is an inefficient marketing ploy
Developed countries have lost comparative advantage in
A) high-tech industries. B) labor-intensive industries. C) capital-intensive industries. D) agricultural industries.