If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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The number of years required for real GDP to double can be found by
A. multiplying the annual growth rate by 72. B. dividing 72 by the annual growth rate. C. adding 72 to annual growth rate. D. dividing the annual growth rate by .072.
Medical malpractice law is designed to
a. encourage physicians to act as responsible agents for their patients b. punish those providers guilty of intentional misconduct c. provide an income for the insurance firms who sell malpractice insurance d. none of these choices
According to the traditional (crowding-out) view, what impact do budget deficits have on the economy?
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.