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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Relative to when a patient has first-dollar medical insurance, the loss in total economic surplus would be smaller if:
A. medical care providers had to pay the full marginal cost of medical care. B. the patient had to pay at least some of the marginal cost of medical care. C. the patient had to pay less of the marginal cost of medical care. D. medical care providers had to pay more of the marginal cost of medical care.
If the demand for a product increases and the supply of the same product decreases, the equilibrium price will increase
Indicate whether the statement is true or false
Market forces encourage discrimination in the case of
a. statistical discrimination only b. employee and customer prejudice only c. employer prejudice only d. statistical discrimination and employee or customer prejudice e. employer prejudice and statistical discrimination
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's explicit costs?
A. $72,000 B. $12,000 C. $64,000 D. $8,000