Since the 1970s, energy use per person in the United States has
A. risen dramatically.
B. fallen slightly.
C. fallen dramatically.
D. risen slightly.
Answer: B
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In the above figure, Sheryl's monthly budget line for movies and plays shifted, as shown. The shift in the budget line is parallel, so the shift might be because
A) the price of a movie fell and nothing else changed. B) the price of a play fell and nothing else changed. C) Sheryl's income decreased and nothing else changed. D) Sheryl's income increased and nothing else changed.
Refer to the above figure. A surplus will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 15.
A market is classified as a monopsony when there is only one seller of the product
a. True b. False Indicate whether the statement is true or false
Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase. b. As the price of coffee increases, the quantity demanded for coffee declines. c. A boom in the housing market leads to an increase in the demand for lumber and electricians. d. An increase in beer advertising on television leads to an increase in per capita beer consumption.