Refer to the above figure. At a price of $2 per gallon, the quantity demanded of gasoline is
A. 100,000 gallons per week.
B. 140,000 gallons per week.
C. 60,000 gallons per week.
D. 80,000 gallons per week.
Answer: B
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If a product has very few substitutes, demand elasticity is likely to be
A) 1. B) elastic. C) infinitely elastic. D) inelastic.
The figure above illustrates the effect of
A) an increase in real GDP. B) a decrease in real GDP. C) an increase in the monetary base. D) a decrease in the monetary base.
Refer to Table 9-6. Select the statement that accurately interprets the data in the table
A) Celeste has an absolute advantage in making saddles and spurs. B) Mateo has an absolute advantage in making saddles and spurs. C) Neither Mateo nor Celeste has an absolute advantage in making spurs. D) Neither Mateo nor Celeste has an absolute advantage in making saddles.
It is more certain how expansionary monetary policy will affect the current account than how expansionary fiscal policy will affect it
Indicate whether the statement is true or false