All else equal, increases in oil prices tend to increase the quantity of proven oil reserves
Indicate whether the statement is true or false
TRUE
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Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?
A) $32,000 B) $38,000 C) $54,000 D) $62,000
Which of the following describes the relationship between the actual federal funds rate and that suggested by Taylor's rule following the recovery from the 2001 recession?
A) The federal funds rate was above that suggested by Taylor's rule. B) The federal funds rate was below that suggested by Taylor's rule. C) The federal funds rate was about equal to that suggested by Taylor's rule. D) There was not a clear relationship between the federal funds rate and that suggested by Taylor's rule.
Governments should tax a market with an inelastic demand if the purpose of the government is to: a. increase its tax revenue
b. discourage the consumption of a good. c. increase the deadweight loss from the tax. d. discourage the production of a good.
A new government study reveals that daily consumption of peanut butter increases life expectancy by 10 years. What will this do to the input markets for peanuts and peanut butter factory workers? Assuming bologna is a substitute for peanut butter, what will happen in the market for bologna factory workers?