Which of the following is an example of a long-run adjustment?
A) Wal-Mart builds another Supercenter.
B) A soybean farmer turns on the irrigation system after a month long dry spell.
C) Your university offers Saturday morning classes next fall.
D) Ford Motor Company lays off 2,000 assembly line workers.
A
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National defense services provided by the military are:
A. included in GDP at cost. B. excluded from GDP because they are not sold in markets. C. excluded from GDP because they are intermediate goods. D. included in GDP at market prices.
If you deposit $500 into a savings deposit, the immediate effect (do not consider the money multiplier which we will study in the next chapter) is:
a. M1, M2, and the monetary base rise. b. M1 falls, M2 remains the same, and the monetary base remains the same. c. M1 rises, M2 rises, and the monetary base remains the same. d. M1, M2, and the monetary base remain the same. e. M1 rises, M2 falls, and the monetary base remains the same.
When there is no ________ advantage, there is no benefit from trading.
Fill in the blank(s) with the appropriate word(s).
For any competitive labor market, what change would have to occur to cause the labor supply to increase and shift the supply curve right?
A. Opportunity cost of work decreases B. Number of firms increases C. Number of workers decreases D. Opportunity cost of work increases