If there is a natural disaster, the long-run aggregate-supply curve shifts
a) upward.
b) left.
c) right.
d) not at all but instead remains constant.
Ans: b) left.
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Because of unseasonably cold weather, orange crops were destroyed in Florida. This statement indicates that
A. the demand for apple juice will decrease. B. the amount of orange juice will decrease. C. demand for oranges will necessarily rise. D. equilibrium quantity of oranges will rise.
About ________ of research on new medicines is carried out in the United States
A) 10 percent B) one-half C) two-thirds D) 90 percent
Assuming that opportunity costs are constant, which of the following is a correct statement? (See the above table.)
A) The United States has a comparative advantage in bicycle production. B) The United States has a comparative advantage in producing both goods. C) Mexico has a comparative advantage in producing bicycles. D) Mexico has a comparative advantage in producing both goods.
Economics tells us which resource allocations are preferable.
Answer the following statement true (T) or false (F)