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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Why does competition lead to lower prices for consumers?
A. Companies do not lower prices for consumers. B. Companies bid down each other to get your business. C. Companies bid against each other to get workers at minimum wage. D. Companies can find cheaper resources.
If Macland’s growth rate is consistently 8 percent, how many years will it take to double its standard of living?
a. 2 years b. 8 years c. 9 years d. 12 years
The production possibilities frontier for a country is usually drawn
a. as a straight line, sloping downward. b. as a straight line, sloping upward. c. bowed outward from the origin. d. bowed inward toward the origin. e. as a dotted line when sloping downward and as a full line when sloping upward.
Minimum-wage laws are precise policy instruments that can specifically target workers whose family incomes are low
a. True b. False Indicate whether the statement is true or false