In the Short Run, Total Output in an Industry

question 64

Multiple Choice

In the short run, total output in an industry

• A)is fixed at a specific level.
• B)can vary as the result of using a fixed amount of plant and equipment more or less intensively.
• C)may be altered by varying the size of plant and equipment which now exist in the industry.
• D)can vary as the result of new firms entering or leaving the industry.

Identify the role of government in enforcing laws and contracts and its impact on economic risk and efficiency.

Discuss the challenges related to the size and scope of government in economic decision-making.

Analyze the principles of public choice theory and its application to government decision-making, politics, and elections.

Understand government failure through examples of bureaucratic inefficiency and political corruption.

---

Definitions:

Lindane

A chemical substance previously used as an insecticide and as a medication to treat lice and scabies, now largely restricted due to safety concerns.

Nit Comb

A fine-toothed comb designed for the removal of lice eggs (nits) from human hair.

Human Organ

Any part of the body that performs a specific function or group of functions, such as the heart, liver, or lungs.

Nailbrush

A small brush used for cleaning the nails and removing dirt from underneath the fingernails and toenails.