OPEC formed as a result of:
A. a desire to control the pricing on members' resources.
B. political agitation against capitalism.
C. the need to fix prices.
D. the request of OECD.
Answer: A. a desire to control the pricing on members' resources.
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Accounting profit is equal to
A) total revenue minus dividends and interest. B) dividends paid. C) total revenue minus implicit costs. D) total revenue minus explicit costs.
If the government wished to shift aggregate demand to the right, it might:
A. increase government spending. B. increase income taxes. C. pressure the Fed to decrease the money supply. D. Any of these things might cause aggregate demand to shift to the right.
An increase in the equilibrium price of electricity can be caused by
A. A decrease in the demand for electricity. B. An increase in the supply of electricity. C. An increase in the quantity demanded of electricity. D. An increase in the demand for electricity.
In the above figure, starting at E1, if there is a supply shock that is permanent, the
A. aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. B. aggregate supply would shift to SRAS1 and LRAS1 would shift to LRAS0. C. aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1. D. aggregate supply would shift to SRAS1 and then return to SRAS0.