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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Refer to Figure 9.2. A movement from point d to point c could be caused by a(n)
A) increase in government spending. B) increase in the price of oil. C) increase in taxes. D) increase in short-run aggregate supply.
If featherbedding raises the price of output produced by the union workers, it
a. increases employment at the firm and in the industry b. decreases employment at the firm and in the industry c. increases employment at the firm but may decrease it in the industry d. decreases employment at the firm and increases it in the industry e. increases employment at the firm but reduces the number of firms so that there is no net effect on industry employment
The world has had a freely floating exchange rate system since
A. 1933. B. 1946. C. 1964. D. 1973.
Both American Tobacco and United States Steel were found guilty of antitrust violations under the Sherman Act.
Answer the following statement true (T) or false (F)