If predictions that the world will run out of oil or petroleum in the next century become true, then:
A. The world would run out of energy
B. Alternative sources would become viable
C. Economies would grind to a halt
D. Population will decline due to starvation
B. Alternative sources would become viable
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An effective minimum wage tends to
A) increase the supply of unskilled labor. B) decrease the demand for unskilled labor. C) create a surplus of unskilled labor. D) accomplish all of the above. E) accomplish none of the above.
Gresham's Law states
a. supply creates its own demand b. demand creates its own supply c. MV = PQ d. good money drives out bad e. bad money drives out good
The price elasticity of demand between rifles and bullets is likely to be:
A. negative, because the goods are complements. B. positive, because the goods are complements. C. negative, because the goods are substitutes. D. positive, because the goods are substitutes.
By opening up to foreign markets, two things that countries generally experience are:
A. gaining access to a wide array of new products and saving money through access to cheaper goods. B. saving money through access to cheaper goods and finding new customers who generally pay less for their products. C. increase in negative trade outcomes with that nation and finding customers who generally pay less for their products. D. gaining access to a wide array of new products and increase in negative trade outcomes with that nation.