In the later part of the twentieth century, the price of crude oil began to increase after decades of relatively steady prices, which of the following could explain this phenomenon?
A) Worldwide reserves have been increasing.
B) Worldwide demand has been increasing.
C) Global warming
D) Extraction technology has been degrading.
B
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Show Stoppers is a monopoly provider of ticket services for the concerts and sporting events and their current service charge is $10.00 . In order to attract one more customer, they have to lower their service charge to $9.50 . Show Stoppers' marginal revenue of this additional customer is: a. $9.50
b. greater than $9.50. c. less than $9.50. d. between $10.00 and $9.50.
Governments can increase the likelihood of economic development by
What will be an ideal response?
Consumption possibilities, during a given time period, refer to the
A. Maximum amount that a country can produce if it imports and does not export. B. Amount by which a country can expand its production possibilities by engaging in international trade. C. Maximum amount of imported goods and services that a country can consume. D. Alternative combinations of goods and services that a country could consume in a given period of time.
If everyone agrees that a certain economic outcome is desirable, the simplest way for government to achieve that outcome is to use
A. a market-based approach. B. an era of deregulation. C. a command-and-control approach. D. a mixed economy.