If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected.
B. only the long-run aggregate supply curve would shift left.
C. only the short-run aggregate supply curve would shift left.
D. the long-run and short-run aggregate supply curves would both shift left.
Answer: D
You might also like to view...
Which of the following is not true of derived demand?
A. It derives from the price of output goods. B. It is a function of marginal physical productivity. C. It is the marginal revenue product curve. D. It is not affected by prices of the input factors.
Which of the following is an example of government failure?
A.) A negative externality, such as pollution. B.) An increase in bureaucracy and red tape that fails to improve economic outcomes. C.) An increase in airline safety. D.) An increase in the costs of production and an improvement in economic outcomes.
If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $40 per unit. If the instructor is paid $ 30,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. No, the MRP of the instructor is higher than the wage. D. No, the wage is higher than the instructor's MRP.
The purchasing power of farmers is determined by the
a. quantity of farm goods that a dollar can buy b. quantity of nonfarm goods that a dollar can buy c. quantity of nonfarm goods that a unit of farm goods can buy d. subsidies farmers receive from the government in the form of price ceilings on farm goods e. ratio of their incomes to the incomes of nonfarm producers