If there are approximately 8,000 barrels of known reserves of oil, annual consumption of oil is 500 barrels,
and it is estimated that the supply of oil will be depleted in 30 years, how many barrels of unknown reserves of oil are there estimated to be, all else equal?
A) 1,333
B) 7,000
C) 12,000
D) 48,000
B
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Equilibrium in the market for special interest benefits is determined where _____
a. the marginal cost of lobbying politicians is equal to the marginal benefits received from government b. the marginal political opposition is equal to the marginal political support c. the marginal price of a vote for a program is equal to the marginal benefit of that additional vote d. the marginal price of regulation is equal to the marginal benefit from that regulation
If government imposes an excise tax on a good and the tax burden is borne equally by buyers and sellers, then
A) price elasticity of demand is unitary. B) price elasticity of supply is unitary. C) the absolute values of price elasticities of demand and supply are equal. D) None of the above
________ is a cost that is independent of the quantity produced by the firm and is incurred by the firm in the short run.
A. Fixed cost B. Economic cost C. Variable cost D. Average total cost
Which of the following would not be studied in macroeconomics?
A. How a sharp increase in gasoline prices is likely to affect SUV sales. B. The causes of the Great Depression. C. The growth rate of the US economy. D. The impact of government spending on the economy.