OPEC stands for
A. Organization of Petrol Exploiting Companies.
B. Organization of Petroleum Exporting Countries.
C. Oil Producing and Exploiting Countries.
D. Oil and Petroleum Exporting Companies.
Answer: B
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If the general education level within a country rises significantly over time, it is likely that:
a. the country will move to a different point along its current production possibilities curve. b. the country's production possibilities curve will not change in any way. c. the country's production possibilities curve will shift in. d. the country's production possibilities curve will shift out. e. the country's production possibilities curve will become convex to the origin.
Entrepreneurs, if successful, earn
a. rent b. profit c. wages d. salary e. interest
What is meant by a "discriminating monopolist"?
a. The firm discriminates on the basis of hiring workers. b. The firm violates all antitrust laws. c. The firm evades taxes. d. The firm sells its product at different prices in different markets.
Consumption spending is $4.5 billion, gross private domestic investment is $3 billion, and government purchases are $2 billion. If GDP is $14 billion, which of the following could be true regarding exports and imports in the economy?
A) Exports are $4.5 billion, and imports are $2 billion. B) Exports are $6 billion, and imports are $8.5 billion. C) Exports are $9 billion, and imports are $6 billion. D) Exports are $15 billion, and imports are $10.5 billion.