Posted: February 15th, 2017

Which of the following is the best example of a long-run decision?

1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in

2) A basic difference between microeconomics and macroeconomics is that microeconomics

3) The distinction between supply and the quantity supplied is best made by saying that

4) After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside the Organization of Petroleum Exporting Countries (OPEC). OPEC, during this time, was unable to restrain output among members in its effort to lift oil prices. What best describes these events?

5) Price elasticity of demand is the:

6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:

7) When labor is the variable input, the average product equals the

8) The increase in output obtained by hiring an additional worker is known as

9) Which of the following is the best example of a long-run decision?

10) Other things being equal, when average productivity falls,

11) According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers will