Sharply rising oil prices are most likely to lead to a
A.
Negative demand shock
B.
Positive demand shock
C.
Negative supply shock
D.
Positive supply shock
C.
Negative supply shock
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If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:
A. demand for labor by All-Oak Table Co. decreases. B. demand for labor by All-Oak Table Co. increases. C. supply of labor to All-Oak Table Co. increases. D. supply of labor to All-Oak Table Co. decreases.
Any policy change that results in a Pareto-superior allocation
A) will increase welfare under certain conditions. B) must increase welfare. C) will leave welfare unchanged. D) will have an unpredictable effect on welfare.
Suppose purchasing power parity exists in the car stereo market in the United States and Australia. If a car stereo costs $230 in the United States and the exchange rate is $1 = $AUD1.67, the same car stereo may be purchased in Australia for approximately:
a. $AUD 138. b. $AUD 230. c. $AUD 2,300. d. $AUD 384. e. $AUD 108.
Suppose Quarto takes 10 years to double the size of its economy. According to the rule of 70, its growth rate is _____
a. 15 percent b. 10 percent c. 7 percent d. 20 percent