The large increase in oil prices in the 1970s was caused primarily by a(n)
a. increase in demand for oil.
b. decrease in demand for oil.
c. decrease in the supply of oil.
d. increase in the supply of oil.
c
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If the exchange rate between the Canadian dollar [C$] and the U.S. dollar [$] on January 6, 2010 is C$/$ = 1.03, then the exchange rate $/C$ will be:
a. 0.67. b. 0.79. c. 0.97. d. 1.97. e. 1.33.
If the price elasticity of demand for a good is 0.8, then a 12 percent increase in the quantity demanded must be the result of
a. a 0.06 percent decrease in the price. b. a 1.5 percent decrease in the price. c. a 9.6 percent decrease in the price. d. a 15 percent decrease in the price.
A dominant strategy is a strategy that:
A. describes a set of circumstances in which no player can improve her payoff by unilaterally changing her own strategy, given the other players' strategies. B. results in the highest payoff to a player regardless of the opponent's action. C. randomizes over two or more available actions in order to keep rivals from being able to predict a player's action. D. guarantees the highest payoff given the worst possible scenario.
The marginal propensity to save is 0.2. Equilibrium GDP will decrease by $50 billion if aggregate expenditures schedule decrease by:
A. $10 billion B. $15 billion C. $16 billion D. $40 billion