When OPEC raises the price of petroleum, American expenditures on oil imports increase, suggesting that
a. the United States' elasticity of demand for imported oil is greater than one.
b. the United States' elasticity of demand for imported oil is less than one.
c. imported oil and domestically produced oil are complementary goods.
d. the short-run elasticity of demand for oil is greater than the long-run elasticity.
b
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The steeper the slope of the total product curve, the
A) larger is the marginal product of labor. B) smaller is the marginal product of labor. C) higher is the level of the total cost curve. D) more efficient is the technology employed.
In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by
A) passing the North American Free Trade Agreement (NAFTA). B) establishing the General Agreement on Tariffs and Trade (GATT). C) establishing the World Trade Organization (WTO). D) passing the Smoot-Hawley Tariff.
Which of the following is most likely sold in a monopolistically competitive market?
a. wheat b. cable TV programming c. a share of McDonald's stock d. sunglasses
Winner-take-all markets explain
A. why no one ever remembers who came in second. B. why top paid corporate executives, professional athletes, and entertainers earn such high salaries. C. why nominal wages are always higher than real wages. D. why real wages are tied to productivity.