If the representatives of the OPEC countries decided to increase the quotas of oil each country are allowed to produce, the result would be that
A. the world demand for oil would fall.
B. the world supply of oil would fall.
C. the world demand for oil would rise.
D. the world supply of oil would rise.
D. the world supply of oil would rise.
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Point F
A. is where the United States' economy operates most of the time.
B. is unattainable.
C. represents a severe recession.
D. can be temporarily attained under unusual circumstances.
General-equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously. B) how an equilibrium is determined in all closely related markets. C) the effects of a change in a market, and all spillover effects in all related markets. D) All of the above.
The general-equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that
A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered sectors, driving down wages in the uncovered sectors. D) all workers will be worse off.
Medicare is an example of a third-party payment for medical services that
A) causes providers to supply less of medical services than they would without the payment. B) causes buyers to consume more of medical services than they would without the payment. C) does not cause any change in the equilibrium position for medical services which existed without the subsidy. D) causes the price of medical services to rise for the consumer once the payment is provided.