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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The United States' price system is __________ by both price ceilings and price floors.
A. affected B. efficient C. unaffected D. None of these choices are correct.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. Because hops are inputs in the production of beer, an increase in the production of beer resulted in:
A. an increase in the demand for hops. B. a decrease in the demand for hops. C. an increase in the quantity demanded for hops. D. a decrease in the quantity demanded for hops.
The resource cost falls in a purely competitive industry. This change will result in a(n):
A. Increase in marginal cost for firms in the industry and an increase in the industry supply curve B. Decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. Decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. Increase in marginal cost at each output level for firms in the industry and an increase in the industry supply curve
The person least likely to receive a payment from a corporation in a year of losses is the
A) bank that loaned money to the corporation. B) bondholder. C) preferred stockholder. D) common stockholder.