Suppose Maria Is Asked to Write Down All the Ways

question 199

Multiple Choice

Suppose Maria is asked to write down all the ways she can think of to use a brick. She is to write each answer on a card and toss her cards in with those of several partners, and the group with the most uses will be declared the winner. Maria is likely to loaf on the job if

• A) she sees her partners working hard.
• B) she believes her partners will do the task poorly.
• C) she is told that each person's contributions will be announced separately.
• D) she believes the others are writing uses for some other object, not a brick.

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Definitions:

Supply Shock

A supply shock is an unexpected event that suddenly changes the supply of a product or commodity, leading to sudden changes in its price.

Recessionary Gap

A situation where the real Gross Domestic Product (GDP) is lower than the potential GDP, indicating underperformance in the economy.

Aggregate Demand Curve

A graphical representation of the relationship between the total demand for goods and services in an economy at different price levels.

Long-Run Aggregate Supply

The total quantity of goods and services an economy can produce when resources are fully employed, assuming constant technology and factors of production.