Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should
A) shift the short-run aggregate supply curve to the right.
B) shift the short-run aggregate supply curve to the left.
C) move the economy down along a stationary short-run aggregate supply curve.
D) move the economy up along a stationary short-run aggregate supply curve.
B
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The big-push theory argues that coordination failures may arise because of
a. pecuniary externalities. b. technological externalities. c. lack of human capital. d. all of the above.
A corporation is legally owned by its
A. chief executive officer. B. board of directors. C. bondholders. D. stockholders.
For good A and good B, the consumer maximizes personal satisfaction when
A. MUAxMUB = PAxPB. B. MUA/PA = MUB/PB. C. MUA/PA = PB/MUB. D. PB/MUA = PA/MUB.
Which of the following is NOT a normative standard for income distribution?
A. the egalitarian principle B. the productivity standard C. rewarding people according to merit D. All of these are normative standards.