A factor of production that can be easily changed in the relevant time period is called a
A) fixed input.
B) temporary input.
C) variable input.
D) substitution input.
C
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According to the writer William Gibson, "The future is already here – it's just unevenly distributed." By this he means that:
a. Internet access, for example, is available to some but not to all b. Innovation access is readily available to all c. The low-income countries are catching up to the rich countries d. New technologies spread at an even pace
Single-owner proprietorships often unintentionally exaggerate their profits because they
A) forget their explicit losses. B) look at after-tax instead of pre-tax costs. C) pay their bills late and therefore incur large interest charges. D) neglect to consider the opportunity cost of the owner's labor.
When economists are trying to explain the world, they are scientists. When they are trying to improve it, they are
Currently, union membership in the United States is about what percentage of civilian employees?
A. 10 percent. B. 15 percent. C. 20 percent. D. 25 percent.