A leftward shift of the supply curve for oil in the United States is most likely to result from:
a. Opening of new areas for oil exploration in the United States
b. An increase in the costs of exploration and drilling for oil
c. A decrease in the world price of oil
d. A decrease in the price which oil companies must pay for drilling licenses
b. An increase in the costs of exploration and drilling for oil
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Refer to the above table. Assuming constant opportunity costs
A) neither country will be willing to engage in trade at any rate of exchange of product A for product B. B) both countries will be willing to engage in trade at a rate of exchange of 0.3 unit of product A for 1 unit of product B. C) both countries will be willing to engage in trade at a rate of exchange of 3 units of product A for 1 unit of product B. D) both countries will be willing to engage in trade at a rate of exchange of 1.5 unit of product A for 1 unit of product B.
Suppose the required reserve ratio is 0.2, and the Fed buys $5,000 of U.S. government securities from Bank A, which lends $4,000 and keeps $1,000 in its vault as cash. In this round of the money-creation process, the M1 money supply has increased by: a. $1,000
b. $4,000. c. $5,000. d. $10,000. e. $3,000.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table shows the reservation prices of the eight students enrolled in the class. CustomerReservation Price($/Book)Q60R54S48T42U36V30W24X18What will be Campus Books' economic profit if it must charge a single price to all of its customers?
A. $120 B. $128 C. $130 D. $180