Which of the following would be considered a variable input in the short run?
a. The size of a firm's plant
b. The acreage of an apple farmer's orchard.
c. The production capacity of a machine.
d. None of the above.
d
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An increase in the expected future marginal product of capital would cause the IS curve to
A) shift up and to the right. B) shift down and to the left. C) remain unchanged. D) remain unchanged if firms face borrowing constraints; otherwise, shift down and to the left.
In the coordination failure model, the "good" equilibrium is characterized by a
A) higher real interest rate and a higher price level than the "bad" equilibrium. B) higher real interest rate and a lower price level than the "bad" equilibrium. C) lower real interest rate and a higher price level than the "bad" equilibrium. D) lower real interest rate and a lower price level than the "bad" equilibrium.