A Sudden Increase in Immigration Would Be Considered A(n)

question 124

Multiple Choice

A sudden increase in immigration would be considered a(n) :

• A) short-run supply shock.
• B) long-run supply shock.
• C) interest-rate shock.
• D) A change in immigration would not affect any of these.

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Definitions:

Normal Good

A good whose demand varies directly with income; nearly all goods are normal goods.

Demand

The measure of goods or services that consumers are inclined and able to procure at assorted prices during an established period.

Income

The financial earnings of an individual or entity, typically acquired through employment, business ventures, or other investments.

Quantity Demanded

The aggregate sum of a product or service that buyers are ready and capable of buying at a specific price level.