Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices
Three years later, once the refining capacity was restored, these prices came back down. The restoration of refining capacity should
A) move the economy up along a stationary short-run aggregate supply curve.
B) move the economy down along a stationary short-run aggregate supply curve.
C) shift the short-run aggregate supply curve to the left.
D) shift the short-run aggregate supply curve to the right.
D
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Susan and Calvin paint houses. Susan consistently paints about 400 square feet of a house's exterior per hour, while Calvin consistently paints about 300 square feet per hour. Susan's __________ exceeds that of Calvin
Fill in the blank(s) with correct word
Simple majority rule can generate inefficient outcomes because
A) it does not register the intensity of voters' preferences. B) it cannot adjust for special interest lobbying efforts. C) it does not adjust for the costs of rational ignorance. D) people are often misinformed on what it is they are voting on. E) none of the above
Which of the following taxes would impose the smallest excess burden on an individual?
A. a tax on all diet beverages B. a tax on all types of beverages, including water C. a tax on Diet Pepsi D. a tax on all soft drinks
Amanda inherited the only local cable TV/Internet company in town after her father passed away. The company has a local monopoly on the delivery of high-speed Internet service. The company is completely unregulated by the government and is therefore free to operate as it wishes. Assume that Amanda understands the true power of her new monopoly. Which of the following statements is (are) correct?
(i) She will be able to set the price of high-speed Internet service at whatever level she wishes. (ii) The customers will be forced to purchase high-speed Internet service at whatever price she wants to set. (iii) She will be able to achieve any profit level that she desires. a. (i) only b. (ii) only c. (i) and (iii) only d. (i), (ii), and (iii)