In the short-run:
a. All inputs are variable
b. Some inputs are fixed and some inputs are variable
c. There are no fixed inputs
d. The firm is not restricted in how much it can produce
b
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When statisticians fail to take into account improvements in the quality of goods and services, the CPI will tend to ________ the rate of inflation.
A. understate B. be unrelated to C. precisely measure D. overstate
Refer to the table above. You are told that Country B is very much larger than country A. The correct answer is
A) country B will export good S. B) country A will export good S. C) both countries will export good S. D) trade will not occur between these two countries. E) both countries will import good S.
For normal goods, the substitution effect and the income effect work in ________, generating a(n) ________-sloped demand curve.
A. opposite directions; downward B. the same direction; downward C. opposite directions; upward D. the same; upward
Refer to Scenario 7.4 below to answer the question(s) that follow.SCENARIO 7.4: You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000. To start this business you invested an amount of your own capital that could pay you a $50,000 a year return.Refer to Scenario 7.4. Your accounting profit last year was
A. $20,000. B. $40,000. C. $70,000. D. $90,000.