Oil and oil products remain the main fuel for cars, planes, ships, and power plants. The amount of oil still in the earth is finite. Given this information, the supply of gasoline is:
A. unit elastic.
B. relatively elastic.
C. relatively inelastic.
D. greater than the quantity demanded.
Answer: C
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The Consumer Financial Protection Bureau is part of the
A) Treasury Department B) Federal Reserve System C) Justice Department D) Commerce Department
Because the Soviet Union educated more scientists and engineers than the United States, their level of economic growth was higher.
Answer the following statement true (T) or false (F)
Why don't firms want to cut nominal wages?
A. Because they don't want to decrease worker morale B. Because laws in many states prevent it C. Because there is never any reason to cut nominal wages D. Because renegotiating wages is a costly process
If real GDP in a closed economy is $40 billion, consumption is $20 billion, and government purchases are $10 billion, what is investment?
A) $10 billion B) $30 billion C) $40 billion D) $70 billion