For a firm, we define the short run as a period of time during which
A) at least one input cannot be changed.
B) all inputs can be changed.
C) only the plant size can be changed.
D) all inputs cannot be changed.
Answer: A
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The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) human capital. B) labor productivity. C) technology. D) real GDP.
A corporation's earnings are the amount of revenue it receives for the sale of its products
a. minus its cost of production as measured by its accountants. Earnings must be paid out as dividends. b. minus its cost of production as measured by its accountants. Earnings may be paid out as dividends or retained by the corporation. c. minus its direct and indirect costs as measured by its economists. Earnings must be paid out as dividends. d. minus its direct and indirect cost as measure by its economists. Earnings may be paid out as dividends or retained by the corporation.