Which of the following is the most likely to be a fixed factor of production at a pizza restaurant?
A. The amount of electricity.
B. The amount of pizza dough.
C. The number of waiters.
D. The size of the seating area.
Answer: D
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following is not likely to incorporate a great deal of economic rent?
a. the salary paid to Paula Abdul as a judge on American Idol b. the price for dinner at a nice restaurant in a major city c. rental of beachfront property during the summer d. sale of piece the parquet floor previously in the famous Boston Garden
Figure 3-2
Given the supply and demand conditions illustrated in , the equilibrium price of steak is
a.
$2 per pound.
b.
$4 per pound.
c.
$6 per pound.
d.
$8 per pound.
Capital is a(n) ____ variable and investment is a ____ variable.
A. physical; financial B. stock; flow C. asset; liability D. flow; stock