Which of the following is NOT an example of a supply shock?
A) a drought in the Midwest
B) a decline in natural gas prices following discovery of new fields
C) the introduction of a new line of computer-controlled machine tools in manufacturing
D) a substantial increase in federal government spending on Medicare
D
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In 2015, health care's share of gross domestic product in the United States
A) had declined to only 6.5 percent. B) had returned to its 1995 level. C) was almost than three times as high as it was in 1965. D) reached a level of 75 percent.
Holding other things constant, decreases in the price level in the US will
a. Cause the dollar to appreciate b. Cause the dollar to depreciate c. Does not affect the dollar value d. None of the above
Assume that one laborer produces 6 units of output, two laborers produce 14 units, three laborers 22 units, four laborers 24 units, and five laborers 25 units. Diminishing returns set in when the firm hires:
a. the first laborer. b. the second laborer. c. the third laborer. d. the fourth laborer. e. the fifth laborer.
The civilian non-institutional population consists of everyone in the population who is
A) at least 16 years of age, in the armed forces, or institutionalized. B) at least 16 years of age. C) not in the armed forces. D) not institutionalized. E) b, c, and d