A huge snow storm that disrupted U.S. economic activity is known as
A. an external shock.
B. an internal shock.
C. a demand shock.
D. an expansion.
Answer: A
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Today, Julie attended her 12:30 Economics class. If she hadn't gone to class, Julie would have gone out to lunch with friends. She had other options; she could have worked or slept in. Julie's opportunity cost of going to class is the
A) income from working she gave u
Marginal productivity is
a. The total output associated with total inputs b. The total output associated with extra inputs c. The extra output associated with total inputs d. The extra output associated with extra inputs
The VP in charge of product launches hypothesizes that a particular product would be profitable, then launching an unprofitable product is a
a. Type I error b. Type II error c. Type III error d. Type IV error
If countries have similar factors of production and similar productivities, most of their trade is likely to be intraindustry
Indicate whether the statement is true or false