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...
Explain the total revenue test
What will be an ideal response?
In an effort to maximize profits, oligopolists could participate in all of the following but
A. Game theory. B. Price-fixing. C. Cartels. D. Price leadership.
A student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days. This statement suggests that
A) society should value good grades more highly than sleep because students can catch up on their sleep once final exams are over. B) there is a trade-off between studying and sleep. C) students are more concerned about good grades than good health. D) society should value sleep more highly than good grades.
An open-economy model is one that
a. allows for trade among nations. b. permits free flow of individuals among nations. c. encourages imports but not exports. d. advocates more exports than imports. e. Both a and b