The OPEC cartel quadrupled the price of oil in late 1973 and early 1974 by
A. increasing the world demand for oil.
B. decreasing the world supply of oil.
C. decreasing the world demand for oil.
D. increasing the world supply of oil.
B. decreasing the world supply of oil.
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To reach the maximum money multiplier, it is assumed that
A) there is insufficient loan demand. B) all loans get redeposited in a checkable account. C) loans are diverted into circulating currency. D) commercial banks keep the amount of reserves. equal to total bank deposits.
Babysitting services the oldest son provides his parents
A) does not count as real GDP nor nominal GDP. B) counts as real GDP and nominal GDP. C) counts in both real and nominal GDP only if the son is not paid. D) counts as real GDP but not nominal GDP. E) counts as nominal GDP but not real GDP.
When a negative externality exists,
A. external costs are necessarily greater than private costs. B. social costs equal private costs. C. social costs are less than private costs. D. social costs are greater than private costs. E. none of the above
Which of the following is not typically true of Employment Protection Legislation (EPL)?
a) countries with strong EPL have low unemployment rates b) EPL reduces part-time work and labor force participation rates c) EPL reduces the layoff rate d) EPL reduces the duration of unemployment e) EPL benefits the employed at the expense of the unemployed