The short 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.
A
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In combating stagflation, a government-induced:
a. increase in aggregate demand would help reduce inflation but aggravate unemployment. b. decrease in aggregate demand would help reduce unemployment but aggravate inflation. c. increase in aggregate demand would help reduce unemployment but aggravate inflation. d. decrease in aggregate demand would help reduce both unemployment and inflation. e. increase in aggregate demand would help reduce both unemployment and inflation.
Assume that for Canada the opportunity cost of producing 1 television set is 2 bushels of wheat. Assume that for the U.S. the opportunity cost of producing 1 bushel of wheat is 2 television sets. All other things being equal:
A. Canada should export televisions and import wheat. B. Canada should export wheat and import televisions. C. the United States should export wheat and import televisions. D. the United States should export televisions and import wheat.