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
You might also like to view...
Which of the following will not shift the demand curve for labor?
A. the use of a larger stock of capital with the labor force B. a change in the wage, marginal resource cost C. the adoption of a more efficient method of combining labor and capital in the production process D. an increase in the price of the product that labor is helping to produce
Suppose a new pollution tax of $0.01 per kilowatt-hour of electricity is imposed on coal-fired power producers by the federal government. Which of the following correctly describes how this tax will affect the market for electricity served by these power plants?
a. The supply of electricity will increase. b. The supply of electricity will decrease. c. Demand for electricity will increase. d. Demand for electricity will decrease.
The standard long-run model assumes that:
A. technology improves at an increasing rate over time. B. technology is fixed. C. technological advance is impossible. D. costs of production are fixed.
Suppose the domestic supply (QS) and demand (QD) for MP3 players in the United States is represented by the following set of equations:QS = -25 + 10PQD = 875 - 5PIf the United States can import MP3 players from the rest of the world at a per unit price of $50, how many MP3 players will be produced in the United States?
A. 925 B. 525 C. 625 D. 475