For a firm, we define the short run as a period of time during which
A) at least one input cannot be changed.
B) all inputs can be changed.
C) only the plant size can be changed.
D) all inputs cannot be changed.
Answer: A
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Mexico pegged its exchange rate to the U.S. dollar in the 1980s
A) to maintain a similar unemployment rate to the United States B) in an attempt to abandon the peso and switch to U.S. dollars as currency. C) to signal investors that Mexico was serious about controlling inflation. D) to discourage foreign investment.
Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
The gravity model suggests that over time
A) trade between neighboring countries will increase. B) trade between all countries will increase. C) world trade will eventually be swallowed by a black hole. D) trade between Earth and other planets will become important. E) the value of trade between two countries will be proportional to the product of the two countries' GDP.
Phillips developed a curve that shows the trade-off between the
A. Natural rate of unemployment and exchange rates. B. Unemployment rate and inflation rates. C. Full employment rate and interest rates. D. Full employment rate and the natural rate of unemployment.