What does this imply for the price of oil in the? future?
A. The demand for oil will? increase, which will lead to lower prices in the future.
B. The supply of oil will? decrease, which will lead to higher prices in the future.
C. The supply of oil will? increase, which will lead to lower prices in the future.
D. The demand for oil will? decrease, which will lead to higher prices in the future
B. The supply of oil will? decrease, which will lead to higher prices in the future.
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The cross elasticity of demand is calculated as the percentage change in the
A) quantity demanded of one good divided by the percentage change in the price of another good B) price of one good divided by the percentage change in the quantity demanded of another good. C) quantity demanded of one good divided by the percentage change in the quantity demanded of another good. D) price of one good divided by the percentage change in the price of another good.
The United States has a balance of payments surplus with Europe. We would therefore expect the supply of euros to be __________ the demand for euros. Consequently, the euro should __________
A) less than; appreciate B) greater than; depreciate C) less than; depreciate D) greater than; appreciate
If the marginal propensity to consume of an economy is 0.7, then the simple spending multiplier is:
a. 3.3. b. 0.3. c. 1.3. d. 1.
Which of the following will tend to increase the ability of a union to increase the wages of its members?
a. Almost all of the firms in the industry are unionized. b. Foreign competition for the product produced by the union labor is intense. c. There is a reduction in the demand for union labor. d. The demand for the product produced by the union labor is highly elastic.