The primary effect of OPEC actions in the period from 1973 to 1980 was to increase
a. wage rates.
b. interest rates.
c. employment and output.
d. energy prices.
d
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The function that banks perform by obtaining funds from households, businesses, and governments and lending these funds to other households, businesses, and governments is known as
A) fiscal intermediation. B) financial intermediation. C) lending intermediation. D) liquidity intermediation.
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. If marginal revenue is positive at the number of surfboard rentals made each hour, then Sue's Surfboards
A) must face an elastic demand for surfboard rentals. B) must face an inelastic demand for surfboard rentals. C) can increase its total revenue by increasing the price of rentals. D) must face a unit elastic demand for surfboard rentals.
The payroll tax is a tax imposed on ________ that is used to fund Social Security and Medicare
A) workers only B) employers only C) employers and workers D) the unemployed
A fall in the price of a good causes an increase in its:
a. quantity demanded. b. demand. c. quantity supplied. d. supply.