A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only.
B. aggregate demand curve only.
C. aggregate demand curve, and the short-run aggregate supply curve would shift in response.
D. short-run aggregate supply curve and the long-run aggregate supply curve.
Answer: A
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Pakistan has developed a comparative advantage in the production of clothing. The source of its comparative advantage in this product is
A) a favorable climate. B) abundant supplies of natural resources. C) a large supply of unskilled workers. D) technology.
At any given time, about 95% of the population in the United States lacks health insurance.
A. True B. False C. Uncertain
In a monopoly,
A) marginal revenue is greater than price. B) marginal revenue is less than price. C) the demand curve is horizontal. D) marginal revenue and price are equal
The concept that increases in spending cause larger increases in equilibrium GDP is known as the
a. profiler. b. mystifier. c. multiplier. d. depreciator.