An increase in the price of oil will
A) shift the supply curve of oil to the left.
B) shift the supply curve of oil to the right.
C) leave the supply curve of oil unchanged.
D) Not enough information to answer the question.
C
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Refer to Table 17.1. The employment rate for this simple economy is
A) 40%. B) 50%. C) 75%. D) 80%.
If the expected path of one-year interest rates over the next five years is 4 percent, 5 percent, 7 percent, 8 percent, and 6 percent, then the expectations theory predicts that today's interest rate on the five-year bond is
A) 4 percent. B) 5 percent. C) 6 percent. D) 7 percent.
The current tax system is extremely progressive at the extreme ends of the income distribution
a. True b. False
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.