If the price of oil rises, producers of oil will
A) increase the quantity of oil supplied.
B) supply less oil.
C) leave the amount of oil supplied unchanged.
D) cut the price.
Answer: A
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In the 1970s, a period of a high rate of inflation, a news magazine article listed people who were losing from inflation because their real purchasing power was falling. Those who lost the most were university professors
Which of the following explains this? A) Their wage rates did not increase as much as the CPI. B) The marginal benefit of their work was falling. C) The professors' market basket was different than the market basket used to calculate the CPI. D) Their wage rates increased more rapidly than the CPI. E) The professors suffered from the CPI bias.
The figure shows the demand curve for hotel rooms at a local resort
a. If the hotel charges $120 per night, how many rooms will they rent? b. If there are only 40 rooms available, how much are customers willing to pay for a room? c. If 60 rooms are available, how much are customers willing to pay? d. What do the dollars in your answer to part (c) represent?
Lucy invested $10,000 at the rate of 12%. According to the rule of 72, it would take ______ years for her money to double
a. 4 b. 5 c. 6 d. 7
To escape poverty, a country needs
a. Western banks to report deposits by corrupt officials b. to develop laws and regulations to ensure the transparent management of natural resources c. special trade advantages d. ten years of domestic peace e. All of the answers are correct