Which statement is true?
A. OPEC produces and exports over 90 percent of the world's oil.
B. Saudi Arabia is the most important member of OPEC.
C. OPEC has no influence over the price of oil.
D. The U.S. imports only a tiny fraction of the oil it uses.
B. Saudi Arabia is the most important member of OPEC.
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Refer to the above figure. An unregulated natural monopolist's profits will be
A) profits equal to Q1 times distance a-c. B) losses equal to Q4 times distance f-g. C) losses equal to Q3 times distance d-e. D) profits equal to Q1 times distance a-b.
An example of an opportunity cost is the time you forgo to eat a "free lunch."
a. True b. False Indicate whether the statement is true or false
The official unemployment rate may not reflect the true state of unemployment because: a. Some workers may go through the motions of looking for work to keep their unemployment benefits, but not actually be looking for work. b. Some people who are working in the underground economy may be classified as unemployed
c. Some may leave the labor force and go back to school only because job conditions are currently poor. d. all of the above.
In which of the following cases would the quantity of money demanded be smallest?
a. r = 0.06, P = 1.2 b. r = 0.05, P = 1.0 c. r = 0.04, P = 1.2 d. r = 0.06, P = 1.0