Which statement is true?
A. OPEC is responsible for over 80 percent of the world's oil exports.
B. In early March 2008, when the price of a barrel of oil passed the $100 mark, economists thought OPEC with their market power might increase production to prevent further increases.
C. OPEC has lowered the price of oil by holding down output.
B. In early March 2008, when the price of a barrel of oil passed the $100 mark, economists thought OPEC with their market power might increase production to prevent further increases.
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Economists often refer to taxes, subsidies, legal rules, and public auctions as methods of indirect regulation. Explain what this means and what are its limitations
What will be an ideal response?
In calculating GDP, "transfer payments" are
A) included because they are re-valuations of existing wealth. B) excluded because no goods or services were produced in exchange for them. C) included because they are payments for labor services. D) excluded because used goods already counted the year they were produced.
Stagflation can be defined as a combination of ____
a. economic migration and inflation b. economic aggregation and deflation c. economic stagnation and inflation d. economic aggregation and inflation
Resource prices may differ temporarily across markets because:
a. of lack of free mobility. b. of difference in quality. c. of the time required for adjustment. d. of difference in availability.