When OPEC raised the price of crude oil in the 1970s, it caused the United States'
a. nonbinding price floor on gasoline to become binding.
b. binding price floor on gasoline to become nonbinding.
c. nonbinding price ceiling on gasoline to become binding.
d. binding price ceiling on gasoline to become nonbinding.
c
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If there were five firms in an industry each with a 20% market share, what would the Herfindahl-Hirschman Index equal?
a. 80% b. 800 c. 1,600 d. 2,000
Which of the following is true?
a. More than half of medical bills are paid for directly by consumers. b. Healthcare insurance provided by one's employer is counted as personal income. c. State mandated coverage of medical procedures like in-vitro fertilization, drug rehabilitation, and acupuncture, make health insurance more affordable. d. Regulations prevent consumers from purchasing a health insurance plan offered in another state.
Which of the following will most likely accompany an unanticipated increase in short-run aggregate supply?
a. an increase in real GDP b. an increase in the general level of prices c. an increase in the actual rate of unemployment d. an increase in the natural rate of unemployment
When the economy enters a recession, automatic stabilizers create:
a. more discretionary spending. b. higher taxes. c. budget deficits. d. budget surpluses.