If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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Refer to the scenario above. What is the quantity effect of the price change?
A) $1,400 B) $2,700 C) $5,400 D) $6,750
Suppose a manager is deciding whether or not to purchase a piece of equipment to make an input internally and has completed the majority of the net present value (NPV) calculations. The manager has correctly calculated the NPV to be equal to: NPV = ($1.023 × Q) - $350,000, where Q is the annual quantity of the input the firm needs. In order for the NPV to be positive, the firm needs at least
________ units of the input each year. A) 342,131 B) 153,985 C) 289,526 D) 35
The 2001-2007 economic expansion began when a change in Federal Reserve policy and other global conditions caused interest rates to drop and stay low
a. True b. False
Opportunity cost can best be defined as the
a. value of what must be given up in order to acquire an item. b. money cost to the buyer to acquire a good or service. c. total value of all the other items that otherwise could be acquired. d. cost to the seller to produce an item. e. time cost to obtain the money to buy an item.