The oil price shock of 1973 was caused by
A. the drying up of two major U.S. oil wells.
B. an embargo by the Organization of Petroleum Exporting Countries (OPEC).
C. the overthrow of the Iranian government by terrorists.
D. a series of earthquakes in Venezuela.
Answer: B
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Marginal social cost is equal to
A) the amount people who buy a product pay for another unit. B) whatever producers have to pay to produce output. C) the sum of marginal private cost and the marginal external cost. D) the average of marginal private cost and the marginal external cost. E) None of the above answers is correct.
A rise in the real exchange rate is called
A) a real depreciation. B) a real appreciation. C) a real bargain. D) a real devaluation.
The simplest calculation of the growth rate of multifactor productivity starts with the growth rate of real GDP and then
A) subtracts the growth rate of labor. B) subtracts the growth rate of capital. C) subtracts the growth rate of labor and some fraction of the growth rate of the capital-labor ratio. D) adds the growth rate of labor and then subtracts the depreciation and population growth rates.
A currency appreciation will be most likely to
a. reduce net exports and therefore increase aggregate demand. b. raise net exports and therefore decrease aggregate demand. c. reduce net exports and therefore decrease aggregate demand. d. raise net exports and therefore increase aggregate demand.