The short run is characterized by:
A. plenty of time for firms to either enter or leave the industry.
B. increasing but not diminishing returns.
C. fixed plant capacity.
D. zero fixed costs.
Answer: C
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The types of goods Japan exports and imports appear to be well explained by
A) Japanese endowments of factors of production (e.g. land, labor, capital, natural resources). B) high and rising Japanese tariffs. C) advertising and other sales promotion efforts. D) All of the above.
Which of the following is the most likely result of an increase in the minimum wage?
a. an increase in the employment of unskilled workers b. a decrease in the number of workers seeking minimum wage jobs c. an increase in the demand for unskilled workers d. a decrease in the employment of unskilled workers