A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only.
B. aggregate demand curve only.
C. aggregate demand curve, and the short-run aggregate supply curve would shift in response.
D. short-run aggregate supply curve and the long-run aggregate supply curve.
Answer: A
You might also like to view...
Demands differ from wants because
A) demands are unlimited, whereas wants are limited by income. B) wants require a plan to acquire a good but demands require no such plan. C) wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good. D) demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.
The above figure shows the reaction functions for two pizza shops in a small isolated town. The Cournot equilibrium is at point
A) a. B) b. C) c. D) d.
Which of the following is an impact of the restriction on immigration on the domestic firms?
a. The domestic firms would produce more and reap greater profits. b. The domestic firms would hire more unskilled laborers at lower wages. c. The domestic firms would charge low prices for their products. d. The domestic firms would have to pay higher wages and make less profit. e. The domestic firms would make above normal profits in the long run.
Jorge deposited $1,000 into an account three years ago. The first two years he earned 5 percent interest; the third year he earned 6 percent interest. How much money does Jorge have in his account today?
a. $1,157.90 b. $1,168.65 c. $1,176.00 d. None of the above are correct to the nearest cent.