All else equal, if oil prices increase, annual oil consumption will ________ and the years it will take to deplete the stock of oil will most likely ________
A) decrease; increase.
B) decrease; decrease
C) increase; increase
D) increase; decrease
A
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Currency traders expect the value of the dollar to fall. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market?
A) Demand for dollars will decrease, and supply of dollars will decrease. B) Demand for dollars will increase, and supply of dollars will decrease. C) Demand for dollars will increase, and supply of dollars will increase. D) Demand for dollars will decrease, and supply of dollars will increase.
In 1984, British Prime Minister Margaret Thatcher decided to shut down so-called "uneconomic" coal mines owned by the government. The National Union of Mineworkers protested, asserting that there was enough coal in the mines to continue current levels of production for years. Thatcher implicitly argued that her decision was economically sound because, at any practical level of output, for each
"uneconomic" mine, a. MC > AC. b. for every input, MPP > APP. c. MC > MR. d. AC > MC.
The poverty rate of the elderly in the United States has
a. been constant since 1959 b. risen since 1959 because people are living longer c. fallen since 1959 because of the growth in Social Security and Medicare programs d. fallen since 1959 because of the growth in private retirement plans e. fallen since 1959, mainly because of inflation
Total market demand can be calculated by
A) horizontally summing individual demand curves at each and every price level. B) vertically summing individual demand curves at each and every income level. C) adding up the largest quantity demanded by each individual. D) looking at the changes in the products' popularity.