Shocks to the economy force people to make changes because
What will be an ideal response?
their actual income would likely differ from their previous expected income. correct
You might also like to view...
The negative slope of a production possibilities frontier is a graphic representation of opportunity cost.
Answer the following statement true (T) or false (F)
Perfectly competitive firms and monopolists are different because
a. in perfect competition MC = P, while a monopolist produces where P > MC. b. in perfect competition MC = P, while a monopolist produces where MC > P. c. in perfect competition P > MC, while a monopolist produces where MC = P. d. in perfect competition MC > P, while a monopolist produces where MC = P.
If nations erect tariffs and quotas to restrict trade, what is likely to happen to predicted values of currencies drawn from the purchasing power parity theory?
a. They will be understated for tariffs and overstated for quotas. b. They will be overstated for tariffs and understated for quotas. c. They will be the correct values. d. They will be incorrect.
the United States economy is operating at peak efficiency, it is on its ___________________________.
Fill in the blank(s) with the appropriate word(s).