When the price of petroleum increases, the supply of Question 27 options:
A. home heating oil increases.
B. petroleum-based plastics increases.
C. petroleum-based plastics decreases.
D. airplane trips increases because of higher fuel costs.
E. hydroelectric power decreases.
B. petroleum-based plastics increases.
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In a world where the price level could adjust immediately to its new long-run level after a money supply increase
A) The dollar interest rate would increase because prices would adjust immediately and prevent the money supply from rising. B) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from rising. C) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from decreasing. D) The dollar interest rate would decrease because prices would adjust immediately and prevent the money supply from decreasing. E) The dollar interest rate would fall because prices would not be able to prevent the money supply from rising.
If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers
a. True b. False Indicate whether the statement is true or false
Demand for gasoline is inelastic because there are no substitutes available.
a. true b. false
Why would the establishment of protective trade barriers be a poor way of protecting workers in domestic industries?
What will be an ideal response?