To get at the large pool of oil embedded in porous rock deep below North Dakota, a process known as ________ is employed.
A. explosive mining
B. compressive extraction
C. chemical immersion
D. hydraulic fracturing (fracking)
Answer: D
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The division of the burden of a sales or excise tax on demanders and suppliers:
a. Is always equal. b. Is always higher for demanders. c. Is always higher for suppliers. d. Depends on the shapes of the demand and supply curves.
Table 7-2 Plastic (in pounds) 5 6 7 Widgets 14 17 19 ? Table 7-2 contains information on widget production. The marginal physical product of the sixth pound of plastic is ____.
A. (19/7)?(17/6) B. 1/3 C. 2 D. 3
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
A. actual burden of this tax falls mostly on consumers. B. actual burden of this tax falls mostly on manufacturers. C. actual burden of the tax would be shared equally by producers and consumers. D. tax would clearly be a progressive tax.
Other things remaining unchanged, if American exports to Japan increase and American imports from Japan decrease, then under a floating exchange-rate system, we would expect
A. the yen value of a U.S. dollar to be higher in Tokyo than in New York. B. the U.S. dollar to appreciate. C. the supply curve of Japanese yen to shift inward. D. the demand for Japanese yen to increase in the foreign exchange market.