The decrease in the price of gasoline to a national average of less than $2.0 during the summer of 2016 was most likely a result of
A) an increase in demand due to reduced summer driving.
B) an increase in supply resulting from higher refinery output.
C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output.
D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.
Answer: B
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Rent controls are designed to protect consumers from high rents.
Answer the following statement true (T) or false (F)
Suppose Stan transfers $1,000 from his checking account into a savings account. What are the effects on M1 and M2 money supply?
A) M1 increases; M2 decreases. B) M1 decreases; M2 remains the same. C) Both M1 and M2 increase. D) Both M1 and M2 decrease. E) Both M1 and M2 remain the same.
Ball found that an important factor affecting the sacrifice ratio is
A) the flexibility of the labor market. B) the shape of the yield curve. C) the real interest rate. D) the tightness of fiscal policy.
If an event has three possible outcomes, A, B, and C, and the probability of event A occurring is 0.20, the probability of event B occurring is 0.20, the probability of event C occurring is ________.
A) 0.20 B) 0.60 C) 1.00 D) 0.30