All else equal, when oil prices decrease, oil exploration processes like hydraulic fracturing become less advantageous for oil companies, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock
of oil. A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
D
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The French Bakery ran a special which decreased the price of its croissants from $1.50 to $1.00. Although her money income had not changed, Toni decided to buy 2 croissants instead of her usual 1 bagel and 1 croissant
Toni's actions are explained by which of the following? A) income and substitution effects B) price effect C) consumption effect D) income effect only or substitution effect only but not both effects
On a part of the demand curve where the price elasticity of demand is less than 1, a decrease in price:
a. is impossible. b. will increase total revenue. c. will decrease total revenue. d. raises the price elasticity of demand. e. decreases quantity demanded.
If the money supply in an economy equals $1,000 and nominal GDP equals $3,000 . then according to the equation of exchange, velocity of money: a. equals 1/3
b. equals 3. c. equals 3 million. d. cannot be determined since we do not know anything about prices. e. cannot be determined since we do not know anything about real GDP.
Ticket scalping can increase total surplus in the market for tickets to sporting events
a. True b. False Indicate whether the statement is true or false