An increase in energy costs will most likely cause the price level and real gross domestic product to change in which of the following ways?
A) PL increase; GDP increase
B) PL increase; GDP decrease
C) PL increase; GDP not change
D) PL decrease; GDP increase
E) PL decrease; GDP decrease
Ans: B) PL increase; GDP decrease
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Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right. At the extreme right end, all 100 voters lie to the left. 
If Candidate X is running for office against Candidate Z, then:
A. all voters to the left of Z will vote for X, and all voters to the right of Z will vote for Z. B. all voters who would have voted for Y will vote for X. C. Candidate X might win. D. Candidate Z will win.
The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. What would be the maximum price someone would pay in the black market?
A) $100 per jacket B) $120 per jacket C) $130 per jacket D) $90 per jacket E) $140 per jacket
The Preview discusses the choice of going to college or not. Use the internet to examine educational attainment by race, Hispanic origin, and gender. The table of contents and data found in the Statistical Abstract of the United States. Click on the tables for Education Attainment. Use the data in this table to create a graph
Plot the percentage of each group that had 4 years or more of college on the vertical axis. Plot the year on the horizontal axis. Questions
- Which group has the highest percentage with 4 or more years of college?
- What could explain the difference between males and females?
- Which two races have the greatest differentials between males and females in educational attainment?
Due to various circumstances, several large firms have most of the sales in an industry. Which term describes this situation?
a. A natural monopoly b. A legal monopoly c. An oligopoly d. A cartel