In economics, the short run refers to a period of time in which
a. demanders can change their minds about what to buy at what prices
b. demanders and suppliers can negotiate prices
c. price is fixed
d. suppliers can change some, but not all, of their inputs
e. output is fixed
D
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Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. Supply curves S1, S2, and S3 apply to the
A. short run, long run, and immediate period respectively. B. long run, short run, and immediate period respectively. C. immediate period, long run, and short run respectively. D. immediate period, short run, and long run respectively.
Which of the following is NOT a feature of recent U.S. business cycles?
A) The time series of deviations from trend in real GDP is quite choppy. B) The time series of deviations from trend in real GDP is quite smooth. C) There is no regularity to the amplitude of fluctuations in real GDP above trend. D) There is no regularity to the frequency of fluctuations in real GDP above trend.
According to the equation of exchange, economic logic would indicate that in order to avoid inflation, an increase in V must be accompanied by
A. an increase in spending by the government. B. an increase in imports. C. a decrease in the supply of money. D. a decrease in unemployment.
Refer to the data provided in Table 16.3 below to answer the following question(s).Table 16.3 shows the situation facing two firms, both of which are polluting. Assume that each firm emits 5 units of pollution.Table 16.3Firm AFirm AFirm AFirm BFirm BFirm BReduction of Pollution by Firm AMC of reducing pollution for Firm ATC of reducing pollution for Firm AReduction of Pollution by Firm BMC of reducing pollution for Firm BTC of reducing pollution for Firm B1$8 $81$16$16212202 24 40318383 32 72426644 401125361005 48160Refer to Table 16.3. Suppose the government wants to reduce the total amount of pollution from the current level of 10 to 4. To do this, the government caps each firm's emissions at 2 units and issues 2 permits to each firm. If firms are not allowed to trade
permits, what is the total cost of the pollution reduction? A. $60 B. $110 C. $116 D. $260