If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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Since 1940 the US Government has generally had a budget:
A. surplus. B. that has been balanced C. multiplier. D. deficit.
Suppose the U.S. government has an annual budget of about $3.03 trillion. Does the U.S. government face the problem of scarcity?
a. No, a government with $3.03 trillion faces no real constraints. b. No, scarcity does not apply to governments. c. Yes, resources are limited even for the U.S. government. d. Yes, although the U.S. government can easily obtain more resources. e. Uncertain-economic theory has no answer to this question.
In the last three decades, air quality in American cities has improved.
Answer the following statement true (T) or false (F)
The classical economists felt that saving would be equal to investment because
A) wages are flexible. B) prices of domestic goods are flexible. C) interest rates are flexible. D) prices of imports are flexible.