A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
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The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If there were 200 sellers in the market, each with a supply schedule identical to seller 3 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $4 would be
A. 600. B. 400. C. 800. D. 200.
Eurodollar deposits arising from OPEC trade surpluses are called
A) OECD-dollars. B) OPEC-dollars. C) petrodollars. D) None of the above.
In a simple economy (no government sector), the equilibrium level of GDP will be less than the full employment level of income if, at the full employment level of income, the
a. saving that consumers want to do is less than investing that businesses want to do. b. saving that consumers want to do is greater than investing that businesses want to do. c. saving that consumers want to do is less than spending that consumers want to do. d. inventories are being depleted.
When a certain monopoly sets its price at $8 it sells 64 units. When the monopoly sets its price at $10 it sells 60 units. The marginal revenue for the firm over this range is
a. $11. b. $22. c. $33. d. $44.