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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A point outside a production possibilities curve indicates
A) that resources are not being used efficiently. B) that resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is unobtainable with the current resource and technology levels.
The demand curve for the product of a monopolistic competitor
A) is the same as the market demand curve. B) is horizontal. C) is vertical. D) slopes downward.
If land is not in demand, its rent will be _________.
Fill in the blank(s) with the appropriate word(s).
Jen is offered a job answering the phone in the State U economics department during lunchtime, from noon to 1 p.m., Tuesdays and Thursdays. Her reservation wage for this job is $15 per hour. If the department chair offers Jen $150 per week, will Jen accept this job?
A. Yes, accepting the job means a positive economic surplus for Jen. B. Yes, although accepting the job means a negative economic surplus for Jen, still it's better than having no job. C. No, accepting the job means a negative economic surplus for Jen. D. There's not enough information to determine what Jen would do.