Refining capacity in the United States is
A. located almost entirely in Alaska.
B. concentrated in the industrial mid-west.
C. rather evenly spread out across the country.
D. concentrated on the coasts.
Answer: D
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______ efficiency means production will be allotted to reflect consumer preferences.
a. Allocative b. Productive c. Modified d. Marginal
Which of the following relationships involves asymmetric information?
a. A recruiter for a college football team evaluates the performance of a high-school player. b. A loan applicant knows more about the likelihood her business will be successful than the loan officer. c. Someone considering buying running shoes looks at a number of online reviews by buyers. d. All of the above are correct.
Refer to the graph shown. To maintain the price of euros at $1.20, the European Central Bank must buy:
A. Q2 euros. B. Q0 - Q2 euros. C. Q1 - Q0 euros. D. Q1 - Q2 euros.
If the price of a slice of pizza falls from $2 to $1.5, a pizza-loving consumer will
A) see her purchasing power fall. B) see her purchasing power rise. C) substitute more Chinese food for pizza. D) spend more on soft drinks and less on pizza.