If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected.
B. only the long-run aggregate supply curve would shift left.
C. only the short-run aggregate supply curve would shift left.
D. the long-run and short-run aggregate supply curves would both shift left.
Answer: D
Economics
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The money market (short-run) equilibrium equation states that the demand for real balances, (L(i)Y) is always equal to the supply of real balances (M/P) because __ adjust(s) to ensure that people are willing to hold the entire stock.
a. nominal interest rates b. real interest rates c. the price level d. nominal GDP
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To maximize its profit, a monopoly should choose a price where demand is:
a. elastic. b. inelastic. c. unitary elastic. d. vertical.
Economics