Refer to the diagram, representing Slippery Slope Oil Company. What price of oil would make 15 million barrels the optimal quantity to extract and sell this year?
A. $50.
B. $70.
C. $90.
D. $110.
D. $110.
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According to the short-run Phillips curve, which of the following would result in low rates of unemployment?
A) a higher inflation rate B) weak increases in aggregate supply C) a lower inflation rate D) weak increases in aggregate demand
Suppose the economy is producing at the natural rate of output. A decrease in consumer and business confidence will cause ________ in real GDP in the long run and ________ in inflation in the long run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
Which of the following transactions would enter directly into the determination of GDP?
a. a bicycle you purchased at a garage sale b. the retirement check your uncle received for spending 25 years in the Marine Corps c. the DVD player you purchased from Best Buy d. the five shares of Microsoft stock your grandparents gave you for making an A in economics
In 2001 the U.S. Congress did all of the following except
A. Reduce acreage set-asides. B. Increase loan deficiency payments. C. Increase existing subsidies paid to farmers. D. Create new subsidy programs.