Recall the Application about rising oil prices and their effect on the U.S. economy to answer the following question(s).According to the Application, why is the U.S. less vulnerable to oil supply shocks today as opposed to the 1970s?
A. The U.S. is now a net exporter of oil products.
B. The. U.S. is less dependent on oil as an energy source.
C. The U.S. determines the price of oil in world markets.
D. Only The U.S. is now a net exporter of oil products and The. U.S. is less dependent on oil as an energy source are correct.
Answer: D
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The gap between the current unemployment rate and the natural rate of unemployment is called:
A) frictional unemployment B) structural unemployment C) cyclical unemployment D) full employment
What does the production possibilities frontier imply about the resource allocation?
A. Only some points on the curve are efficient. B. All points on the curve are equally efficient. C. A point that lies below the curve is more efficient. D. A point that lies above the curve is readily achievable.
The production function does NOT provide information about
A. the types of inputs used in the production process. B. the relationship between changes in quantity of inputs and changes in the quantity of output. C. the profits of producing a good. D. the technology used in the production process.
Households are paid income for the resources they supply in an input market.
Answer the following statement true (T) or false (F)