The deregulation of oil pricing will
a. increase our dependence on foreign oil.
b. make the United States energy-independent by the year 2000.
c. decrease domestic production.
d. decrease the extent of the nation's dependence on foreign oil.
d
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When there is a cost or benefit that affects someone other than the seller and buyer, then there is
A) a tax. B) a subsidy. C) a quantity regulation. D) a price regulation. E) an externality.
The aggregate demand curve:
A. shows the price level on the horizontal axis and output on the vertical axis. B. shows the relationship between the overall price level and the level of total demand. C. shows the relationship between the price of goods and services and the level of total demand. D. is upward-sloping, which is counter to the individual demand curve.
Barbie is deciding whether to play soccer or go swimming over the next hour. She decides to swim. Economists would conclude that Barbie:
A. is revealing a preference for swimming over soccer. B. will get less utility from swimming during the next hour than playing soccer. C. was unable to play soccer at that time. D. is more skilled at swimming than playing soccer.
Suppose a basket of internationally traded goods that sells for $10,000 in the United States sells for €8,000 in the euro zone. According to purchasing power parity theory, the equilibrium exchange rate should be
a. $2.50 per euro b. $1.50 per euro c. $1.25 per euro d. $1.00 per euro e. $.50 per euro