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
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Policies to reduce the likelihood of financial crises might include ________
A) enlarging government budget deficits B) reducing imbalances in global trade and capital flows C) keeping the inflation rate near or below zero D) more aggressive use of stabilization policy E) all of the above
Stephen Moreno reported to the government interviewer that he worked 40 hours last week as a stocker at a Target department store. He is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
What happens when demand increases and supply does not change
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. If there are many firms in an industry, then it must be a purely competitive market. 2. The basic difference between pure competition and monopolistic competition is in the number of firms in the industry. 3. Competitive firms are price takers largely because of intensive advertising by their competitors. 4. For a purely competitive firm, the demand curve facing it is the same as its marginal revenue curve. 5. In pure competition, the industry demand curve is infinitely price elastic.