In the early 1970s, OPEC's goal was to
a. decrease the world-wide price of oil so that the quantity demanded increased, thus raising total revenues for OPEC members.
b. increase the world-wide price of oil by reducing the quantity of oil supplied.
c. increase the world-wide price of oil by increasing the quantity of oil supplied, thus raising total revenues for OPEC members.
d. decrease the world-wide price of oil so that quantity demanded increased.
b
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Suppose that in a month the price of movie rentals increases from $2 to $2.20. At the same time, the quantity of movie rentals supplied increases from 100 to 110. The price elasticity of supply for movie rentals (calculated using the initial value formula) is:
A. 0.02. B. 0.2. C. 1. D. 50.
Gasoline taxes are usually used in part to finance the road and highway repair and new construction. Which principle of taxation does this type of tax most fit and why?
What will be an ideal response?
Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, and the explicit costs of his business are $10,000. What is his accounting profit?
A) $10,000 B) $22,000 C) $32,000 D) $42,000
Laws that require children to be inoculated against certain diseases before they enter kindergarten are examples of the command approach
a. True b. False Indicate whether the statement is true or false