Which of the following was a lasting effect of the OPEC embargo in the 1970s on the U.S. economy?
(A) Higher gasoline prices
(B) Reduced use of petroleum
(C) Reduced taxes
(D) Lower interest rates
Ans: (B) Reduced use of petroleum
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Which of the following is not a political jurisdiction?
A. Cook County B. Alabama C. New York City D. California research triangle
Which term refers to a legally established maximum price that firms may charge?
A) a tariff B) a price ceiling C) a price floor D) a subsidy
In the long run when a perfectly competitive firm experiences negative economic profits,
A) firms exit the industry, the market supply curve shifts rightward, and the market price falls. B) firms enter the industry, the market supply curve shifts rightward, and the market price falls. C) firms exit the industry, the market supply curve shifts leftward, and the market price rises. D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.
For a given money demand curve, an ________ in the money supply drives down the interest rate, and a ________ in the money supply drives up the interest rate
a. decrease; increase b. decrease; decrease c. increase; decrease d. increase; increase