During the twentieth century, the market structure of the U.S. economy has
A) become less competitive.
B) remained about the same.
C) become more competitive.
D) become mostly monopolies.
C
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If the price of oil is $60 per barrel, the quantity of oil supplied is 70 million barrels per day. If the price is $40 per barrel, the quantity of oil supplied is 69 million barrels per day. This implies that the
A) supply of oil is elastic. B) supply of oil is inelastic. C) demand for oil is inelastic. D) demand for oil is elastic.
In the diagram of the budget line BB, a rise in government expenditure shifts BB ________, so that an unchanged GDP the budget deficit ________
A) downward, rises B) downward, falls C) downward, remains unchanged D) upward, rises E) upward, falls
Compounding is:
A. the process of accumulation of additional interest paid on interest that has already been earned. B. the process of adding the percentage of interest times your initial principal yearly. C. the process of deposits steadily increasing a set amount annually. D. None of these statements is true.
Why is bad weather sometimes good news for farmers?
A) Bad weather shifts the supply curve of agricultural products leftward, driving up price and total revenue (assuming demand is inelastic). B) Bad weather shifts the supply curve of agricultural products leftward, driving down price, and raising total revenue (assuming demand is elastic). C) Bad weather increases the demand for and price of agricultural products. D) Bad weather increases both the demand for and supply of agricultural products.