If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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All else equal, if the demand for labor increases and the supply of labor does not change, the equilibrium real wage will ________ and the equilibrium quantity of labor will ________
A) increase; increase B) increase; not change C) decrease; decrease D) not change; increase
Society's core economic problem is
a. the role of government in the economy b. a scarcity of land, labor, and machinery to produce goods and services c. the federal budget deficit d. an unequal distribution of income e. low living standards
The principal author of the U.S. Constitution
a. Hamilton b. Washington c. Jefferson d. Madison e. None of the above
When income increases the slope of an individual's demand curve, the demand curve
a. turns positive. b. becomes undefined. c. remains negative. d. becomes infinite.