Assume that the government of a nation prohibits producers from extracting crude oil from some domestic oil fields. Which of the following will be witnessed in the market for crude oil?
a. The domestic and world price of crude oil would remain unaffected.
b. The domestic price of crude oil would increase.
c. Oil import from the world market would decline.
d. The world price of crude oil would increase.
A
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Your friend has just received a new book he ordered and you want to borrow it. Your friend values reading the book at $10, while you are willing to pay a maximum amount of $15 to read it
a) What is the equilibrium outcome in this case? b) Will the outcome be any different if you own a book that your friend wants to read? Assume that the value that each of you places on this book is the same as that you placed on the previous book.
In the equation Y = C + I + G + NX,
a. Y represents the economy's total expenditure. b. C represents household expenditures on services and durable goods. c. all of the variables are always positive numbers. d. All of the above are correct.
The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four. B. a level of income below the minimally acceptable annual food budget of a family of a given size times three. C. unwholesome living conditions. D. a level of income below the median income for all families.