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 rules of the National Collegiate Athletic Association (NCAA) limit the amount of money colleges can offer to athletes to
A) assure balanced competition on collegiate athletic fields. B) maintain high ethical standards in college sports. C) preserve the spirit of amateurism in an age of professionalism. D) prevent competition for star athletes from raising the price of enrolling them. E) prevent the schools with the most profitable athletic programs from attracting more than their share of the best athletes.
A drop in the user cost of capital will lead to an equal ________ in the MPK of profit-maximizing firms, requiring a ________ v*, thus ________ gross investment
A) drop, higher, boosting B) drop, lower, dampening C) drop, lower, boosting D) rise, higher, dampening E) rise, lower, boosting
How does government provision of public goods solve the free rider problem?
A) Governments can impose compulsory taxes to pay for public goods. B) Governments can convert nonrival goods to rival goods by assigning property rights. C) Governments can tax public goods to prevent over-use of the resources. D) Governments cannot solve the free rider problem
The monopoly's marginal revenue curve
a. is equivalent to its demand curve b. lies below its demand curve c. is perfectly elastic d. is perfectly inelastic e. has a positive slope