The windfall profits tax on oil will curtail oil production if
A. oil executives decide to be spiteful.
B. the demand for oil is inelastic.
C. the supply curve for oil is upward sloping.
D. the supply curve for oil is vertical.
Answer: C
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Since World War II, world trade has
A) decreased in importance as nations turn inward due to security concerns. B) increased, but not as dramatically as annual world real GDP has climbed. C) risen sharply, outpacing gains in annual world real GDP. D) increased in relative importance for most nations, but not for the United States.
The Natural rate of unemployment equals
a. The sum of the frictional and structural unemployment rates. b. The sum of the frictional and cyclical unemployment rates. c. The sum of the structural and cyclical unemployment rates. d. None of the above.
In economics, secondary effects refer to the
a. best alternative that must be forgone as the result of a choice. b. unintended consequences of a change that are not immediately identifiable but are felt only with time. c. immediate and visible intended consequences of a change. d. impact of the scarcity of resources on the scarcity of the goods that are produced with those resources.
How is interest measured when used in deriving GDP plus non-intome expense iterms, such as indirect businesses and depreciation?
What will be an ideal response?