The short run is a time period such that:
a. the existing firms in the market do not have sufficient time to change the amounts of any of the inputs that they employ.
b. the existing firms in the market do not have sufficient time to either increase or decrease their current rate of output.
c. the existing firms in the market do not have sufficient time to increase the size of their existing plant or build a new factory.
d. new firms may build plants and enter the industry.
c
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The current account balance is equal to
A) exports - imports - net interest + net transfers. B) exports - imports + net interest + net transfers. C) imports - exports + net interest - net transfers. D) exports - imports - net interest - net transfers. E) imports - exports + net interest + net transfers.
Suppose the population (age 16 and over) of Guatemala is 100 million; 5 million are unemployed, and 70 million hold jobs. The employment/population ratio of Guatemala is
a. 5 percent. b. 65 percent. c. 70 percent. d. 85 percent.
According to 2014 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the highest labor-force participation rate?
a. white males b. white females c. black males d. black females
The "composite good" refers to
A. income not spent on good X in a two-dimensional graphical presentation. B. large purchases that cannot be incrementally divided. C. an abstraction requiring more than a three dimensional graph. D. the notion that consumer pleasure cannot be modeled graphically.