Other than OPEC, the shortage of gasoline in the U.S. in the 1970s could also be blamed on
a. a sharp increase in the demand for gasoline that was brought on by the Vietnam War.
b. the government's policy of maintaining a price ceiling on gasoline.
c. an indifference among U.S. consumers toward conservation.
d. the lack of substitutes for crude oil.
Ans: b. the government's policy of maintaining a price ceiling on gasoline.
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During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300
In terms of dollars, the opportunity cost of attending summer school is A) $10,300. B) $6,000. C) $4,300. D) $3,300.
What benefits are to be gained from countries producing according to the law of comparative advantage? What if a country is absolutely more productive in all goods?
The U.N.'s Millennium Aid Goal focuses on aid in the form of
A. Redistributions within poor countries. B. Money from nongovernmental organizations. C. Money from rich donor countries. D. A loan from the United Nations.
An advisory council meets to chart a financial course for their country. If they want to see economic growth in the future, what should they do?
a. Spend more money on wages now. b. Produce more consumption goods. c. Produce more capital goods. d. Cut education spending.