The supply of oil is likely to be
a. inelastic in both the short run and long run.
b. elastic in both the short run and long run.
c. elastic in the short run and inelastic in the long run.
d. inelastic in the short run and elastic in the long run.
d
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Does the quantity theory correctly predict the effects of money growth on inflation?
What will be an ideal response?
In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.
Which of the following statements best describes the union movement between 1800-1860?
a. Unions were composed primarily of craftsmen. b. Unions were concentrated primarily in rural towns and villages. c. Union membership grew consistently through the period and comprised a substantial portion of the working population. d. Women were more likely to belong to unions than men.
Which of the following is an example of a moral hazard?
a. A student committing suicide after failing in an examination. b. A housekeeper leaving a house unlocked after insuring it against burglary. c. An exporter delivering faulty products after receiving a certain fraction of the total payment. d. A person deriving utility from a commodity without paying for it.