Recall the Application about rising oil prices and their effect on the U.S. economy to answer the following question(s).What does "the U.S. is a net exporter of petroleum products" mean? How can we be a net exporter when we still import oil from other countries?
What will be an ideal response?
The U.S. being a net exporter means that the value of our exports for petroleum products is larger than the value of our imports. This is because the U.S. is an exporter of refined petroleum products to many countries, and the value of these exports are greater than our imports.
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A demand schedule relates prices of a particular good to quantities demanded.
Answer the following statement true (T) or false (F)
Using the information in Table 6.2, the percent increase in prices over the two year period from 2014 to 2016 is approximately
A) 26 percent. B) 31 percent. C) 38 percent. D) 98 percent.
(Consider This) Elastic demand is analogous to a __________ and inelastic demand to a _________
A. normal wrench; socket wrench B. tight rubber band; loose rubber band C. Ace bandage; firm rubber tie-down D. one-foot ruler; tape measure
Use the above figure. At an output equal to "Q" the average fixed cost for the firm will be the line segment
A. BE. B. CD. C. AB. D. DE.