The increase in world oil prices during the 1970s was
a. the result of depletion of world reserves of oil.
b. artificially created by OPEC.
c. the result of extremely high growth rates in industrialized countries.
d. fully reversed by 1982.
b
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Investment is the expenditure done by
A) savers. B) firms. C) the rest of the world. D) governments. E) Both answers A and B are correct.
In the above figure, assume d1 is the demand curve faced by this firm. Which is TRUE?
A) This firm is earning an economic profit. B) This firm is experiencing an economic loss. C) This firm is breaking even. D) This firm's total costs equal EJA0.
According to the graph shown, if the economy opens itself to free trade, it will become a:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price
for that good.
A. net exporter.
B. net importer.
C. autarky.
D. quota rent seeker.
If the multiplier is 5, then the MPC must be
A) 1/5. B) 1/6. C) 3/4. D) 4/5. E) 2/3.