Recall the Application about rising oil prices and their effect on the U.S. economy to answer the following question(s).According to the Application, the U.S. imports about ________ of the petroleum products it consumes.
A. 25%
B. 50%
C. 75%
D. 38%
Answer: A
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The real interest rate is the rate at which borrowers or lenders ________ to make transactions when issuing or receiving loans
A) are required B) refuse C) expect D) can only obtain from a financial intermediary
For building contractors, doubling the size of an office building does not require double the inputs because there are common walls. This is an example of
a. increasing marginal product b. diminishing marginal returns c. economies of scale d. diseconomies of scale e. constant returns to scale
Featherbedding refers to the practice of: a. disallowing members from joining labor unions
b. hiring lesser number of laborers than what is required. c. terminating employment without notice. d. hiring more laborers than what is necessary.
As inflation increases, purchasing power ______.
a. increases b. decreases c. remains constant d. falls to zero