A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
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In case of the textile industries of England in 1811, the invention of new technology that allowed workers to complete tasks in minutes that had previously taken hours, resulted in a(n):
A) increase in the demand for labor in the textile industries. B) increase in the quantity demanded of labor in the textile industries. C) decrease in the demand for labor in the textile industries. D) decrease in the quantity demanded of labor in the textile industries.
Which of the following would be most likely to cause the production possibilities curve for computers and education to shift outward?
a. A choice of more computers and less education. b. A choice of more education and less computers. c. A reduction in the labor force. d. An increase in the quantity of resources.
Suppose that a mayor of a large city believes strongly that education provides great benefits to the community and urges the state government to provide the district with more money. An economist would say that this reflects the Mayor's belief that: a. since teachers are overpaid, the district needs more money to hire enough teachers for its classrooms. b. there are positive external benefits
associated with education. c. there are nontrivial external costs associated with education. d. public schools provide a higher quality education than private schools.
Say’s law and Keynes’ law can both be illustrated in the ______________ model.
a. input/output b. circular flow c. AD/AS d. neoclassical