The period of time over which the firm can vary any of its inputs for a given production technology is called the
A) immediate run.
B) very-short run.
C) long run.
D) very-long run.
E) short run.
Ans: D) very-long run.
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If the marginal profit of the next unit is negative, the firm should produce more output in order to generate greater profit.
Answer the following statement true (T) or false (F)
In the second quarter (three-month period) of 2016, U.S. nominal GDP increased but U.S. real GDP declined. What can we conclude?
A. Real wages declined by more than real GDP. B. Nominal income declined by more than personal income. C. The price level fell by more than real GDP. D. The price level rose by more than nominal GDP.
Most ________ is embodied in physical capital
A) human capital B) technological change C) labor productivity D) economic growth
Empirical evidence regarding the effects of devaluation on the balance of trade indicates that
A) devaluation generally improves the BOT. B) devaluation generally hurts the BOT. C) no strong generalizations are possible. D) devaluation has no effect on the BOT.