External shocks include all of the following except
A. Wars.
B. Population growth.
C. Natural disasters.
D. Terrorist attacks.
Answer: B
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Goods with few available substitutes tend to have inelastic demand curves
a. True b. False Indicate whether the statement is true or false
The demand for luxurious goods are usually unaffected by an increase in income
a. True b. False Indicate whether the statement is true or false
Other things remaining the same, if a nation's expected return on assets and inventories rises, the demand to hold money:
a. Falls. b. Rises. c. Does not change.
Say a firm that sells its product at a price of $20 is using 20 units of labor. If the marginal product of the last unit of labor hired was 10, and the firm pays each worker a wage of $40, then this firm should
A. hire more workers. B. keep the same number of workers. C. decrease the number of workers. D. decrease its output.