Which geographic coincidence affected gasoline prices the most during 2005?
A. A tsunami hit the one area in the world most responsible for producing U.S. gasoline, Indonesia.
B. Two major hurricanes affected the refining intensive areas of New Orleans and Houston.
C. An earthquake happened to hit the energy-sensitive areas in and around Iran.
D. There were tornado related electrical outages in the industrial Midwest.
Answer: B
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The figure illustrates the demand for hamburgers. When the price is $1.00 a hamburger, the elasticity of demand is ________ and a 1 percent increase in the price will ________ the quantity of hamburgers demanded by ________ percent
A) 1.00; decrease; 0.40 B) 0.40; decrease; 0.40 C) 2.50; increase; 2.50 D) 5.00; decrease; 5.00
Exhibit 9-2 A monopolistic competitive firm
?
To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 9-2 will charge a price per unit of:
A. zero. B. $5. C. $10. D. $15.
A $5 billion cut in government purchases caused real GDP in the economy to decrease by $12.5 billion. The MPC for this economy is
A. 0.6. B. 0.9. C. 0.8. D. 0.75.
Does the Fed pay interest on required reserves and excess reserve balances held at the Federal Reserve bank?
What will be an ideal response?