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
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What is the total money value of all goods and services evaluated at market prices called?
(a) Gross Domestic Product (GDP) (b) Labor productivity (c) Wealth (d) Capita
The most volatile component of GDP is
a. tax revenue b. government purchases of goods and services c. the nation's capital stock d. private investment spending e. private consumption expenditures
Adverse selection occurs when there is
A) full information. B) unobserved behavior. C) an unobserved characteristic. D) a worker who shirks because his boss does not watch him.
If the marginal revenue product of land is less than its price, a firm should
A. increase the price it is willing to pay for land. B. use more land. C. use less land. D. try to increase the productivity of land.