Since the end of the war in the Persian Gulf, the world price of oil has fallen. But in some areas, consumers have seen little relief at the pump. This phenomenon can be explained by the theory of:
A. oligopoly.
B. perfect competition.
C. monopolistic competition.
D. monopoly.
Answer: A
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New technology for producing plywood is developed. Which of the figures above best illustrates this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A and Figure D
If the amount of money in circulation is $50 million and nominal GDP is $150 million, then the velocity of money is: a. 0.33
b. 2. c. 3. d. impossible to determine from the information provided.
Taxing pollution will encourage firms to reduce pollutants dumped in the atmosphere or in streams.
Answer the following statement true (T) or false (F)
The idea that tradeoffs have to be made when resources are scarce is reflected in the fact that:
A. the slope of a linear production possibilities is constant. B. the production possibilities curve has a negative slope. C. points below the production possibilities curve are efficient. D. points below the production possibilities curve are inefficient.