The large increase in the elasticity of supply in crude oil during 2014-2015 was attributable to
A. directional drilling.
B. hyperaccurate seismologic mapping.
C. hydraulic fracturing.
D. all of these.
Answer: D
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Which of the following is not a potential source of comparative advantage for China in the manufacturing sector?
A) Abundant low wage, low skill workers B) A large domestic market that can lead to scale economies C) Coastal areas with good logistics for international trade D) Abundant credit from China's government sector to set up manufacturing operations
If an individual buys only two goods and these must be used in a fixed relationship with one another (e.g., coffee and cream for a coffee drinker who never varies the amount of cream used in each cup), then:
a. there is no substitution effect from a change in the price of coffee. b. there is no income effect from a change in the price of coffee. c. Giffen's Paradox must occur if both coffee and cream are inferior goods. d. an increase in income will not affect cream purchases.
The Economic Report of the President is prepared by: a. the President
b. Congress. c. the Office of Management and Budget. d. the Council of Economic Advisers. e. the Secretary of the Treasury.
Why is the typical furniture manufacturing firm’s demand for labor curve inversely related to the wage rate it has to pay for labor?
What will be an ideal response?