An increase in the price of crude oil, a basic input into the production of gasoline, is likely to
A. put downward pressure on the price of gasoline.
B. put upward pressure on the price of gasoline.
C. decrease the demand for gasoline.
D. increase the quantity of gasoline demanded.
B. put upward pressure on the price of gasoline.
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If the nominal gross domestic product (GDP) is $6 trillion for a particular year, and the real GDP is $3 trillion, then the GDP price index is 167
a. True b. False Indicate whether the statement is true or false
All of the following are primary uses of CFCs, EXCEPT
a. refrigeration b. aerosol propellants c. insulation d. fuel octane boosters
For a given domestic and foreign price level, a decrease in the nominal exchange rate ________ the real exchange rate.
A. may either increase or decrease B. decreases C. offsets any change in D. increases
Which of the following is not correct?
A. Other things equal, a monopsonist will pay a lower wage rate than will a firm hiring labor competitively. B. A monopsonistic employer will pay workers a wage rate equal to their MRP. C. A purely competitive seller will pay workers a wage rate equal to their MRP. D. An imperfectly competitive seller will employ additional workers as long as the MRP of additional workers exceeds their MRC.