Which of the following is a factor of production that generally is fixed in the short run?
A) a factory building B) water C) raw materials D) labor
A
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Monopolistically competitive sellers have some ability to influence the price of their products
a. True b. False Indicate whether the statement is true or false
Suppose the U.S. government banned the sale and production of cigarettes. Which of the following would be most likely to occur?
a. No one would smoke anymore. b. The amount of violence involved in the buying and selling of cigarettes would increase. c. The price of cigarettes would decrease. d. The supply for cigarettes would become elastic.
Government expenditures for Social Security and unemployment insurance are, for GDP accounting purposes, considered:
A. transfers, and are included in government spending as part of GDP. B. transfers, and are not included in government spending as part of GDP. C. purchases, and are not included in government spending as part of GDP. D. purchases, and are included in government spending as part of GDP.
Which industry would be considered to be monopolistically competitive?
A. Groceries in a small remote town. B. Locally owned restaurants in large cities. C. Fast food restaurants along rural interstate highways. D. Agriculture products sold at farmers' market.