Changes in business activity are
A) referred to as business fluctuations.
B) referred to as the ebb and flow of business.
C) always undesirable.
D) caused by the changing seasons every year.
A
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An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to consumers, 300,000 are sold to businesses, 300,000 are sold to the government, and 100,000 are sold abroad. No computers are imported. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of the investment component of GDP?
A. $0.8 billion B. $0.3 billion C. $0.4 billion D. $0.6 billion
The short run is
A) usually 3 - 6 months. B) dependent on the characteristics of the industry. C) when a firm has to decide whether or not to exit. D) identical to the long run for most firms.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A. ME = 50Q + 10,000 B. ME = 100Q + 10,000 C. ME = 200Q + 500 D. ME = 250Q + 500
Liasner, a heavy machine manufacturer, recently introduced a new lathe machine that consumes lesser electricity than conventional lathe machines. Since baseball bats are produced using lathe machines, which of the following will be an impact of Liasner's machine on the supply of baseball bats? a. The quantity supplied of baseball bats will increase. b. The quantity supplied of baseball bats
will decrease. c. The supply of baseball bats will increase. d. The supply of baseball bats will decrease.