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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Economists have not found a way to predict when recessions will begin and end
Indicate whether the statement is true or false
As economic development in LDCs progresses,
A. children become an increasingly valuable economic asset. B. the birth rate eventually declines. C. consumption rises faster than production. D. fewer children survive to adulthood.
To say an asset is liquid implies that:
A. we are focusing on a category of assets that are in a physically liquid form, like oil. B. we are considering any asset that can be sold. C. we are only considering U.S. currency. D. we are considering assets that may be readily converted into a means of payment.
According to Heckscher and Ohlin, each country has certain ______, such as land, labor, and capital.
Fill in the blank(s) with the appropriate word(s).