If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected.
B. only the long-run aggregate supply curve would shift left.
C. only the short-run aggregate supply curve would shift left.
D. the long-run and short-run aggregate supply curves would both shift left.
Answer: D
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a. changes in the quality of goods b. externalities c. leisure d. all of the above
Suppose that income increases and the quantity demanded of guitars stays the same. This means that the income elasticity of guitars is unit elastic.
Answer the following statement true (T) or false (F)
Rent controls are
A. when rents are set above the market clearing level to aid landlords. B. used to provide incentives to contractors to build new apartments. C. when rents are set below the market clearing level. D. used to generate revenue for the local government.
If a Balanced Budget Amendment to the U.S. Constitution would be "pro-cyclical," an economist would consider that to be ________ economic stability.
A. independent of concerns regarding B. counterproductive to C. enormously helpful for D. slightly helpful for