The price of crude oil increased to $100 per barrel in early 2008. What would we expect to see happen to the supply of gasoline, which is produced using crude oil?
A) The supply of gasoline will increase.
B) The supply of gasoline will decrease.
C) The supply of gasoline will stay the same because the government requires gasoline producers to meet statutory minimum production levels.
D) The supply of gasoline will stay the same because of the profit motives of gasoline producers.
B
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Countries with high real GDP tend to have ________ infant mortality rates and ________ literacy rates than countries with low real GDP.
A. lower; lower B. lower; higher C. higher; higher D. higher; lower
The two major types of financial systems are the __________-oriented systems
A) federal- and local B) banking- and markets C) securities- and equities D) contributor- and stockholder
All of the following are income in kind EXCEPT
A) government provided housing. B) government provided education. C) tips received by a waitress. D) goods produced in the home.
A conditional statement such as if event A occurs, then event B follows is an example of normative economics
a. True b. False Indicate whether the statement is true or false