Oil and oil products remain the main fuel for cars, planes, ships, and power plants. The amount of oil still in the earth is finite. Given this information, the supply of gasoline is ________.
A. relatively elastic
B. greater than the quantity demanded
C. relatively inelastic
D. unit elastic
Answer: C
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Assume there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is called
A. nonexcludability. B. nonrivalry. C. nontaxability. D. nondiscrimination.
The exchange rate between currencies of different countries is controlled primarily by supply and demand in currency markets
Indicate whether the statement is true or false
If the cross elasticity of demand between car insurance and new cars is -0.41, then car insurance and new cars are
A) complements. B) substitutes. C) normal goods. D) inferior goods. E) unrelated goods.
Net taxes:
What will be an ideal response?