Recall the Application about the marginal cost involved in producing crude oil to answer the following question(s).Recall the Application. If the price of oil is only $15 per barrel, which country is most likely to be selling crude oil?
A. Saudi Arabia
B. the United States
C. Canada
D. Norway
Answer: A
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If it takes 35 years for real GDP to double, real GDP is growing at an annual rate of approximately 2%
Indicate whether the statement is true or false
Sunk costs are irrelevant to economic decisions because
A) they are merely opportunity costs rather than monetary expenditures. B) they cannot affect a firm's net revenue. C) they do not appear on financial statements. D) they represent no opportunity for choice.
Screening is
a. actions by the informed party to reveal her true risks b. actions by the informed party to conceal her true risks c. actions by the uninformed party to uncover the true risks d. actions by the uninformed party to conceal the true risks
A progressive tax is one in which the fraction of income paid in taxes rises as a person's income increases
a. True b. False Indicate whether the statement is true or false