After initial success, the OPEC cartel saw the price of oil and the revenues of its members decline due, in part, to
a. the low elasticity of demand for oil in the short run.
b. the large number of buyers from each member nation.
c. surging demand for oil in the early 1980s.
d. OPEC members failing to produce their agreed-upon production levels.
d
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Expansionary policies are government policies that
A) decrease aggregate supply. B) increase aggregate demand. C) decrease aggregate demand. D) increase aggregate supply.
An increase in aggregate demand results in a(n) ________ in the ________
A) recession; long run B) expansion; long run C) recession; short run D) expansion; short run
In 2006, a Social Security (FICA) tax of 7.65% of payroll earnings was paid by both the employee and the employer
Indicate whether the statement is true or false
Sensitivity analysis of the results may include the following with the exception of
A) stability over time analysis of the estimated multipliers. B) using homoskedasticity only rather than HAC standard errors. C) investigation of omitted variable bias. D) looking at different computations of the HAC standard errors.