If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output.
B. lower price level and lower level of output.
C. higher price level and higher level of output.
D. lower price level and higher level of output.
Answer: A
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The long-run average annual growth of real GDP per person is the United States is approximately ________ percent.
A. one B. seven C. five D. two
Zoran, a Croatian citizen, only works in the United States. The value added to production from his employment is:
A) included in Croatian GDP. B) included only in U.S. GDP. C) included only in U.S. GNP. D) not included in either U.S. GDP or U.S. GNP.
The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). At the current price of $0.35 per minute, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.
The procedure of comparing different instrumental variables estimates of the same parameter is an example of testing _____.
A. overidentifying restrictions B. endogeneity C. heteroskedasticity D. serial correlation