If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected.
B. only the long-run aggregate supply curve would shift left.
C. only the short-run aggregate supply curve would shift left.
D. the long-run and short-run aggregate supply curves would both shift left.
Answer: D
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Answer the following statement true (T) or false (F)
Suppose the price elasticity of demand for your economics textbook is -1 . If the publisher raises the price by 5 percent,
a. revenues will rise 5 percent b. quantity demanded will rise 5 percent c. total revenues will not change d. revenues will fall e. revenues will fall 5 percent
The steam engine was first invented by
a. Heron of Alexandria b. James Wyatt c. Robert Fulton d. Denis Papin
Tim earns income of $60,000 per year and pays $21,000 per year in taxes. Tim paid 20 percent in taxes on the first $30,000 he earned. What was the marginal tax rate on the second $30,000 he earned?
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