In the long run,
a. output, once determined, cannot be changed
b. price, once determined, cannot be changed
c. land and capital cannot be changed
d. all inputs are variable, that is, the quantities of all inputs can be changed
e. labor can be changed, but all other inputs are fixed
D
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The widespread, but not universal, consensus among economists would be to respond to
A) an adverse supply shock with an accommodating policy. B) an adverse supply shock with an extinguishing policy. C) an adverse demand shock with a policy to offset the shock. D) all of the above.
Borda count is a voting method often used in polls that rank sports teams
a. True b. False Indicate whether the statement is true or false
An independently floating exchange rate is adjusted periodically at a fixed pronounced rate.
a. true b. false
When factors of production are not fixed (as in the long run) and labor immigrates, capital will:
a. remain fixed because capital is never mobile. b. increase in the capitalintensive industry. c. move to the higher productivity use in the labor intensive industry until returns are again equalized. d. become idled as owners of capital seek more profitable opportunities.