People debate whether or not the U.S. should allow for greater oil exploration in Northern Alaska. According to the economic way of thinking, the debate is rooted in
A) different perceptions about the additional benefits and the additional costs of oil exploration in Northern Alaska.
B) a complete lack of appreciation of the value of wildlife and the ecology of Northern Alaska.
C) a complete lack of appreciation of the value of oil in world affairs.
D) politics rather than economics.
A
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One of the defining characteristics of a perfectly competitive market is
a. a small number of sellers b. a large number of buyers and a small number of sellers c. a standardized product d. significant nonprice competition among firms e. an inefficient information system
Inflation refers to an increase in the
A. price level. B. rate of inflation. C. total income. D. real GDP.
Firms do NOT use microeconomic models to
A) determine what inputs will be used for production. B) determine whether they should advertise in the newspaper or on the radio. C) strategically raise profits over competitors. D) None of the above.
Macroeconomic policies became more influenced by Keynes' theories starting with
A. the period of high inflation in the early 1980s. B. the period of high unemployment and high inflation in the 1970s. C. the Great Depression. D. the OPEC recession.