The long run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
B) the quantities of all factors of production can be varied.
C) the quantities of all factors of production are fixed.
D) all costs are sunk costs.
B
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Tijuana, Mexico is across the border from San Diego, California
It has become a world-leading producer and exporter of television sets and computer monitors, which it assembles in modern factories owned by multinational consumer electronics firms such as Sony. Initially, these electronics were produced in the industrialized countries of their parent companies, and after several years, the production moved to Tiajuana. This is an example of A) the product cycle. B) intraindustry trade. C) the specific factors model. D) the magnification effect. E) None of the above.
Which of the following is a positive statement?
A) We need to carefully protect our borders. B) Inflation is the most damaging thing that can occur in an economy. C) When tax revenues are less than government spending there is a budget deficit. D) Foreign aid should be reduced to help reduce the national debt.