An increase in the world price of oil will result in...
What will be an ideal response?
stagflation
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Refer to the scenario above. The increase in output due to a one-unit increase in capital is smallest at point ________
A) A B) B C) C D) D
Suppose Brent, Callie, and Danielle each purchase a particular type of electric pencil sharpener at a price of $20 . Brent's willingness to pay was $22, Callie's willingness to pay was $25, and Danielle's willingness to pay was $30 . Which of the following statements is correct?
a. Had the price of the pencil sharpener been $24 rather than $20, only Danielle would have been a buyer. b. Brent's consumer surplus is the smallest of the three individual consumer surpluses. c. For the three individuals together, consumer surplus amounts to $60. d. The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.
How is utility defined?
A. ease of use B. government provided goods like electricity C. the satisfaction experienced from consuming a good D. the change in benefit from producing one additional unit of a good
For any pair of countries, there is
A. one single exchange rate that will lead automatically to both countries realizing the gains from specialization and comparative advantage. B. a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage. C. a range of exchange rates that can lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country. D. one single exchange rate that will lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country.