Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico in 2005. This drove up the prices of natural gas, gasoline, and heating oil. This is an example of a
A) supply shock.
B) demand shock.
C) negative externality.
D) depression.
A
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Suppose a babysitter demands payment in full before the parents go out for the night. Using the economic way of thinking, the babysitter is clearly
A) exploiting the parents. B) exploiting the children. C) selling short. D) in it only for the money.
The employment-to-population ratio is equal to the number of
A) unemployed people divided by the total population then multiplied by 100. B) employed people divided by the working-age population then multiplied by 100. C) employed people divided by the total population then multiplied by 100. D) unemployed people divided by the working age population then multiplied by 100.
A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good
Indicate whether the statement is true or false
Corporations are responsible for approximately what percentage of total business revenues?
A) 19 percent B) 50 percent C) 72 percent D) 83 percent