In macroeconomics, the long run is determined by:
A. how long it takes for prices of inputs to adjust through the whole economy.
B. the longest contract length of a business.
C. how long it takes for output decisions to adjust to changes in economic conditions.
D. how long it takes for firms to vary all input quantities.
Answer: A
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The aggregate production function is graphed as
A) a downward sloping curve. B) an upward sloping straight line. C) an upward sloping line that becomes flatter as the quantity of labor increases. D) an upward sloping line that becomes steeper as the quantity of labor increases.
What is the difference between accounting cost and economic cost?
What will be an ideal response?
Overseas investments by U.S. citizens show up in the U.S. balance of payments as
a. credit items. b. debit items. c. current account items. d. investment income.
A price taker is a buyer or seller who:
A. has the goal of maximizing market share, not profits. B. has complete control over setting the market price. C. can influence the market price. D. has no control over setting the market price.