State some of the policies adopted by the U.S. government to check petroleum prices
Some of the policies adopted by the U.S. to control petroleum prices included price ceiling, tax on domestic petroleum producing firms, increasing domestic oil exploration, and reducing demand for petroleum products.
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The circular flow of income assumes that
A) the national income accounting approach is not an adequate way to measure the economy's performance. B) profit is not a cost of production. C) goods and services flow in one direction and money payments flow in the other. D) total income is the sum of the value of intermediate goods and final goods and services.
Good governance is:
A. important to economic growth, but not to economic development. B. important to both economic growth and development. C. important to economic development, but not to economic growth. D. not important to either economic growth or development.
The price elasticity of supply for Good A is equal to 1 . Fifty units of Good A are supplied when its price is $40.0 . If the price of Good A increases to $44.80, its supply will: a. decrease to 44 units
b. increase to 56 units. c. increase to 54 units. d. remain the same at 50 units.
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152). Then the marginal product of the 6th worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 162 units of output.