A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
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A principal-agent problem arises in the situation in Scenario 17.5 because
A) the principal can measure effort and output; the agent can measure only output. B) the principal can measure only effort, and the agent can measure only output. C) the principal can measure only output, and the agent can measure effort and output. D) neither the principal nor the agent can measure effort. E) neither the principal nor the agent can measure output.
The type of labor agreement that requires workers to be union members prior to being considered for employment is a
A) right-to-work agreement. B) closed-shop agreement. C) union shop agreement. D) open-shop agreement.
The marginal revenue curve for a monopolist is always below the demand curve.
Answer the following statement true (T) or false (F)
The intersection of the aggregate supply and aggregate demand curves shows the equilibrium level of real GDP and ________ level in the economy.
a. cost b. price c. savings d. employment