If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output.
B. lower price level and lower level of output.
C. higher price level and higher level of output.
D. lower price level and higher level of output.
Answer: A
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To avoid accidents, the government of Richland does not allow boating in lakes during rainstorms. This is an example of ________
A) consumer sovereignty B) consumerism C) bureaucratic redtapism D) paternalism
If there are strong economies of scale and scope, then society
a. will not be able to prevent overt collusion. b. will benefit from establishing a cartel. c. cannot benefit from regulation of a natural monopoly. d. will not be able to preserve free competition.
Which of the following is income, as defined in economics?
(a) Salaries received by members of the Judiciary; (b) Scholarships awarded to high performance Leaving Certificate students; (c) Unemployment benefits paid to long term unemployed persons; (d) Both (a) and (b).
Advertising provides consumers with information about the underlying existence or quality of a product. These types of advertising messages are called
A. green advertising. B. influential advertising. C. persuasive advertising. D. informative advertising.