Floods in the Midwest That Diminish Farm Output Would Shift

question 170

True/False

Floods in the Midwest that diminish farm output would shift the aggregate supply curve outward (to the right).

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Definitions:

Secondary Sector

The segment of the economy concerned with manufacturing, processing, and construction, transforming raw materials into finished products.

Economy

A system of production, distribution, and consumption of goods and services within a particular geographic boundary.

Manufacturing

The process of converting raw materials, components, or parts into finished goods through the use of tools, human labor, machinery, and chemical processing.

Dead-End Job

A job with little to no possibility of career advancement or personal growth.