In the 1970s, long lines at gas stations in the United States were primarily a result of the fact that
a. OPEC raised the price of crude oil in world markets.
b. U.S. gasoline producers raised the price of gasoline.
c. the U.S. government maintained a price ceiling on gasoline.
d. Americans typically commuted long distances.
c
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Suppose that the U.S. population is 275 million. Also assume that the labor force is 135 million and that 130 million people are employed. Calculate the unemployment rate
What will be an ideal response?
A nation's growth rate will most likely ________ as it converges to a new, higher balanced growth path
A) speed up B) slow down C) maintain its current pace D) become negative
Demand for science fiction novels is elastic and supply of science fiction novels is inelastic. When the government puts a $2.00 tax on science fiction novels,
a. buyers will pay most of the tax. b. sellers will pay most of the tax. c. buyers and sellers will split the tax evenly. d. elasticity has nothing to do with who pays the tax.
If the quantity of a good demanded by a typical consumer increases in response to the growth in purchases of other consumers,
A. a negative network externality is present. B. a network externality is absent. C. a network externality can be positive or negative D. a positive network externality is present.