In the long run,
a. inputs that were fixed in the short run remain fixed.
b. inputs that were fixed in the short run become variable.
c. inputs that were variable in the short run become fixed.
d. variable inputs are rarely used.
b
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In evaluating a relationship between x and y, ceteris paribus means other variables
A) are not relevant to x and y. B) move in opposite directions to x and y. C) are not changing while x and y change. D) move in the same direction as x and y.
If the Fed does not take into account the additional policy channels available in an open economy, then ________ when conducting contractionary monetary policy
A) it is likely to decrease GDP too much and cause a recession B) it is likely to decrease GDP too little and inflation will persist C) it is likely to increase GDP too little and cause a recession D) it is likely to increase GDP too much and inflation will persist
Country X has experienced GDP growth of 4 percent and a population growth of 5 percent. What is this country's growth of per capita real GDP?
A) -1 percent B) 1 percent C) 9 percent D) -9 percent
All of following are commonly considered to be common property EXCEPT
A) spotted owls in the wild. B) fish in an ocean. C) pigs raised in a farm. D) wild salmon in a river.