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
You might also like to view...
If ranchers in Texas fear a sharp drop in cattle prices next year, they will probably
A) bring less cattle to market this year. B) bring more cattle to market this year. C) keep supply unchanged now and bring more cattle to market next year. D) keep supply unchanged now and bring less cattle to market next year. E) do none of the above.
If General Motors imports parts from its plants in Canada and Mexico for finished trucks that it will sell across the NAFTA region, what type of trade does this represent?
What will be an ideal response?
One of the most important factors in determining the natural rate of unemployment is demographic change, such as a change in the age of the labor force
a. True b. False Indicate whether the statement is true or false
The change in the cost of living over time is referred to as:
A. inflation. B. substitution bias. C. a fixed-weight price index. D. real income.